The British Virgin Islands International Tax Authority has issued a statement on the due diligence obligations required of financial institutions in relation to the Common Reporting Standard.
The British Virgin Islands has set out the deadlines for certain submissions required from financial institutions under the OECD’s Common Reporting Standard, the US Foreign Account Tax Compliance, and the territory’s country-by-country reporting framework.
The OECD has added to its guidance for financial institutions on ensuring that citizenship by investment and residency by investment schemes are not used to circumvent the new international tax information reporting standard, the Common Reporting Standard.
The caribbean territory Saint Vincent and the Grenadines has requested a 60-day extension from the reporting deadlines under the US Foreign Account Tax Compliance Act and the Common Reporting Standard.
The British Virgin Islands‘ International Tax Authority has reminded the territory’s financial institutions that May 31 is the deadline for filing 2017 reports under the US Financial Account Tax Compliance Act and the OECD’s Common Reporting Standard.