Common Reporting Standard (CRS) Update has been saved
Common Reporting Standard (CRS) Update
BVIFARS Now Accepting CRS Filings
On June 20, 2017 the British Virgin Islands (BVI) Financial Account Reporting System (BVIFARS) was updated to accept Common Reporting Standard (CRS) filings for the 2016 reporting year. The portal can be accessed from the BVIFARS government website.
The BVI International Tax Authority (ITA) also published an updated BVIFARS user guide, which now includes a section on submitting CRS filings. The updated user guide can be accessed here.
BVI Financial Institutions (FIs) that have reportable accounts will be required to submit a separate filing for each receiving jurisdiction they have reportable accounts for. Similar to the FATCA reporting process, BVIFARS provides FIs with two options for submitting CRS filings:
- Manual Entry via online web forms; or,
- Upload of an XML file that complies with the CRS XML Schema v.1.0 as published by the Organisation for Economic Co-operation and Development (OECD).
The user guide also further clarifies that there will no longer be a separate UK CDOT filing option in the portal, but that FIs may submit accounts for UK reportable persons under either agreement (CDOT IGA or the CRS) via the CRS schema, by submitting a CRS filing with a receiving country of “United Kingdom”.
As a reminder, the extended deadlines for 2016 CRS enrolments and reporting in BVI are as follows: CRS enrolments: June 30, 2017 CRS reporting: July 31, 2017 Developed on the same principles of transparency and global exchange of information as US FATCA, the CRS is the standard for automatic exchange of information (AEOI) set by the OECD.
As an early adopter, the BVI has agreed to exchange financial account information under the CRS by September 30, 2017.
For more information or if you have any questions, please contact a member of Deloitte’s regional FATCA/CRS leadership:
Tax Partner, BVI/Bermuda
+ 1 (441) 299 1399 | email@example.com
Tax Senior Manager, BVI
+ 1 (284) 394 2803 | firstname.lastname@example.org
FATCA & CRS Advisory Manager, Caribbean & Bermuda
+ 1 (284) 394 2814 | email@example.com