The BVI: CRS reporting deadline extension for Trustee Documented Trusts

All other reporting Financial Institutions must submit their returns, including nil returns by 31 May 2019

Last Tuesday, 14 May 2019 the BVI Financial Account Reporting System Administrator (BVIFARS) issued a communication on behalf of the International Tax Authority (ITA) to Virgin Islands Financial Institutions informing them of the registration and filing obligations under the Mutual Legal Assistance (Tax Matters) Act, 2003 as amended (MLA). 

“Provided that entities comply with the guidance they shall be deemed to be in compliance with the statutory deadlines as provided for in the MLA”. 

Those Virgin Islands Financial Institutions that qualify as Trustee Documented Trusts (TDT) under CRS and have reportable accounts for 2018, have been grated  the reporting deadline extension to 28th June, 2019.    

BVIFARS further advised that all reporting Virgin Islands Financial Institutions under CRS are reminded that it was mandatory for those Virgin Islands Financial Institutions that do not maintain any reportable accounts, to submit a nil report. For guidance on how to submit a nil report, they are to follow the instructions as provided for in the BVIFARS User Guide which can be found on our website:  www.bvi.gov.vg/fatca  (page 51 paragraph 3.4.). 

Finally, BVIFARS summarized key dates applicable to Virgin Islands Financial Institutions for US FATCA and CRS reporting year 2018 as follows: 

• Enrolment or registration deadline for US FATCA was 1st April 2019 and for the Common Reporting Standards (CRS) it was 30th April 2019
• Filing deadline for 2018 Reportable Accounts (except reportable accounts for TDTs) is 31st May 2019.  This filing deadline is applicable for both US FATCA and CRS.  
• Nil Reports for CRS deadline is also 31st May 2019 for all reporting Virgin Islands Financial Institutions (except reportable accounts for TDTs).
• The extended filing deadline for TDTs is 28th June 2019.  If there is nothing to report, a nil filing is also to be submitted no later than 28thJune 2019.
• The registration period for all Non-Reporting Virgin Islands Financial Institutions has been extended and a further Press Release shall be issued to inform them when the system is ready to accept their applications.   

Should you require assistance with  your obligations under CRS or FATCA , please do not hesitate to contact us.