ELIZABETH A. McMORROW LAW LLC

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Elizabeth A. McMorrow

Dec 29, 2020

BVI Portal Schedule Update

The British Virgin Islands (BVI) International Tax Authority (ITA) announced scheduled interruptions to its BVI Financial Account Reporting system (BVIFARs). The reason for the disruptions is system changes to accommodate the Common Reporting Standard (CRS) version 2.0 schema. Offline: December 31, 2020 through January 7, 2021. Online: January 8, 2021 through January 13, 2021. Potential access interruptions: January 16, 2021 – February 5, 2021. Please note that if you do not

Elizabeth A. McMorrow

Sep 2, 2020

BVI Portal Is Live

The new BVI portal is back on line and open for FATCA and CRS reporting. The deadline for CRS (where extensions were previously granted upon receipt of valid reasons) and FACTA is September 30, 2020. Reset your portal bookmark to BVIITA.VG because BVIFARS.GOV.VG is no longer in use. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #BVI #BritishVirginIslands #FATCA #CRS

Elizabeth McMorrow

May 6, 2020

No Policies & Procedures Could Cost You US$100K

Many tax authorities around the world have slowed down due to the pandemic but the British Virgin Islands International Tax Authority (ITA) is keeping busy. The ITA has started sending out notices to BVI Financial Institutions (FIs) requesting a copy of the BVI FI’s CRS policies and procedures. The penalty for failing to produce the document could be as much as US$100,000. Legal P&P Requirement BVI law requires that a BVI FI “establish, implement and maintain written policies

BVI Extends Both FATCA & CRS Deadlines

Elizabeth McMorrow

Apr 22, 2020

BVI Extends Both FATCA & CRS Deadlines

Given the IRS extension for foreign government FATCA reporting, the British Virgin Islands (BVI) has extended its FATCA registration and reporting deadlines. Although there is not a similar globally agreed extension to CRS government to government reporting, the BVI decided to also extend its CRS registration and reporting deadlines. The BVI International Tax Authority (ITA) is also amenable to additional extensions on a case-by-case basis. To request such an extension, the F

Elizabeth A. McMorrow

Nov 22, 2019

Is BVI Ramping up for FATCA & CRS Examinations?

This week the British Virgin Islands (BVI) International Tax Authority (ITA) demonstrated its commitment to FATCA and CRS examinations by posting open positions with significant compliance responsibilities. Head of Compliance Unit The position includes a number of duties including developing and directing “an annual strategy and plan for compliance examinations/inspections in consultation with the Director to ensure adequate coverage of relevant Financial Institutions and to

Elizabeth A. McMorrow

Jun 24, 2019

BVI Deadline Extended to July 31, 2019

The British Virgin Islands (BVI) tax authority issued a notice on Friday, June 21, 2019 alerting filers that the deadline for both FATCA and CRS is July 31, 2019. The extended deadline is applicable to all reporting Virgin Islands Financial Institutions, and is also relevant for Nil filings and Trustee Documented Trusts (TDTs) with reportable accounts. The BVI posted the updated CRS Reportable Jurisdictions list on 9th May, 2019. The list can be found here: https://bvi.gov.v

CRS: BVI Expands Reportable Controlling Persons

Elizabeth A. McMorrow

Mar 11, 2019

CRS: BVI Expands Reportable Controlling Persons

The British Virgin Islands (BVI) issued revised Common Reporting Standard (CRS) Guidance Notes on February 19, 2019. Included in the revisions is a change in the definition of Controlling Person. The BVI will now use a 10% threshold for CRS reporting commencing in 2019. Application of AML The OECD advised that for purposes of determining Controlling Persons thresholds under CRS, a CRS jurisdiction must follow its own domestic anti-money laundering / know your customer (AML/

Elizabeth A. McMorrow

Aug 15, 2017

CRS: BVI Extends Reporting Deadline to September 1

The British Virgin Islands tax authority announced that it has extended the deadline for UK FATCA/CDOT and Common Reporting Standard (CRS) reporting to September 1, 2017. This extension applies to UK FATCA/CDOT and CRS. The extension does not apply to FATCA. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #BVI #BritishVirginIslands #CRS