The ITA Automatic Exchange of Information (AEOI) portal reopened on Friday 9 February

Date: February 20, 2018

The BVI International Tax Authority (ITA) advises that any Financial Institution which has not submitted filings for the calendar year 2016 (due in 2017) is strongly advised to submit these returns immediately as the ITA has confirmed that these Financial Institutions may be subject to penalties for non-compliance under Section 21 of the Mutual Legal Assistance (Tax Matters) Act, 2003 as amended. For the avoidance of doubt, financial institutions include depositary and custodial institutions, as well as certain insurance and investment entities (funds, investment management companies, general partners etc.). The deadlines for enrolment and reporting for the calendar year 2017 (due in 2018) are as follows:

  • 1 April: US FATCA enrolment
  • 30 April: CRS enrolment
  • 31 May: US FATCA and CRS reporting