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21 Feb 2018
The BVI International Tax Authority has confirmed that the British Virgin Islands Financial Account Reporting System has now been reopened following closures due to hurricanes Irma and Maria and is accepting both Common Reporting Standard and US Foreign Account Tax Compliance Act filings. The portal can be accessed from the BVIFARS government website.
The ITA also recently published an updated list of CRS Reportable Jurisdictions for the 2017 reporting year.
15 Feb 2018
The Cayman Islands Department for International Tax Cooperation has issued an advisory dated 1 February 2018 (the "Advisory") announcing that it has published updated lists of the CRS Participating Jurisdictions and CRS Reportable Jurisdictions. We note from the Advisory that the CRS Guidance Notes will be updated later this month to reflect the latest lists and certain other changes regarding CRS.
12 Feb 2018
Further to the issue of the Tax Information Authority (International Tax Compliance) (Country-By-Country Reporting) Regulations, 2017 (the "CbCR Regulations") on 15 December 2017 and our previous client update, the Department for International Tax Cooperation ("DITC") has made further announcements with respect to the CbCR Regulations pursuant to an industry advisory (the "Industry Advisory") dated 2 February 2018. Key points of the Industry Advisory, including the extension of certain notification and reporting deadlines, are set out below.
21 Dec 2017
As part of the Cayman Islands' ongoing commitment to international tax transparency, the Tax Information Authority (International Tax Compliance) (Country-By-Country Reporting) Regulations, 2017 were issued on 15 December 2017.
5 Dec 2017
As clients will be aware, the Cayman Islands and the British Virgin Islands have legislation in place which brought the OECD's Common Reporting Standard into law with effect from 1 January 2016. This update includes notable information for clients with entities operating in either the Cayman Islands or British Virgin Islands and which constitute Reporting Financial Institutions for CRS purposes.