November 22, 2019

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...

August 31, 2019

The Cayman Islands Department for International Tax Cooperation (DITC) announced Friday that its AEOI portal is offline to facilitate the transmission of CRS and FATCA returns to partner jurisdictions. 

Users will be able to login and check on previously submitted retu...

July 17, 2019

You received a self-certification from a new client that looks reasonable on its face but is it?  Have you considered whether the client is participating in a potentially high-risk CBI/RBI scheme?

Anti-Avoidance Rule

The OECD’s Common Reporting Standard (CRS) includes a...

June 24, 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 als...

June 17, 2019

The Cayman Islands AEOI Portal is currently online and open for notifications and reporting for all years.  The deadline for both CRS and FATCA is July 31, 2019.  The new Industry Advisory provides a number of updates regarding the portal user guide, error and status n...

June 14, 2019

The Bahamas Competent Authority announced that its automatic exchange of information (AEOI) portal will open for FACTA and CRS-AEOI registration and submission on Monday July 15, 2019 at 9AM EDT.  (This is the same time zone as New York and 2PM in London).

The Bahamas A...

On May 25, 2019, the Bahamas Competent Authority issued an updated list of Common Reporting Standard (CRS) exchange partners.

The following list of exchange partners applies to Y2018 reporting which will be submitted in 2019.

The Bahamas is awaiting an action plan from t...

Mauritius issued new regulations on April 23, 2019 that amend the Income Tax (Common Reporting Standard) Regulations 2018.  The new regulations increase monetary penalties, address anti-avoidance schemes, and provide greater details on dormant accounts.

Monetary Penalti...

April 11, 2019

Once again, the Cayman Islands has extended the deadline for FATCA and Common Reporting Standard (CRS) reporting from May 31 to July 31.

Cayman Islands Portal Open

The Cayman Islands Department for International Tax Cooperation (TIA) also announced that its Automatic Exc...

March 11, 2019

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 20...

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