Updated Common Reporting Standards (CRS) guidance notes released
Published on 19 February by the Virgin Islands International Tax Authority, the updated CRS guidance notes for the BVI clarify several changes that were introduced for the 2018 reporting year via an amendment to the Mutual Legal Assistance (Tax Matters) Act published in October 2018.
Country-by-country reporting guidance notes released
The Virgin Islands International Tax Authority (ITA) published the highly anticipated country-by-country (CbC) reporting guidance notes for the BVI. The guidance notes provide important clarifications regarding a number of practical aspects of the implementation of CbC reporting in the BVI.
Deloitte BVI Tax Alert
Legislation on economic substance passed
On 19 December 2018, the BVI government passed final legislation, entitled the “Economic Substance (Companies and Limited Partnerships) Act 2018” (Act) that introduces increased substance requirements for certain BVI-resident legal entities.