Offshore
British Virgin Islands Adjusts Reporting, Rule Compliance Deadlines

The offshore financial centre is tweaking its reporting systems and pushing out a registration deadline as it deals with global compliance deadlines.
The tax authority in the British Virgin Islands is updating
reporting systems to fit in with the “country-by-country
reporting” system adopted by major nations to stop firms
shuffling profit reports to minimise taxes.
The BVI
International Tax Authority is changing the British Virgin
Islands Financial Account Reporting System, extending the
registration deadline for BVI. “Constituent Entities” has been
extended, according to a briefing note from Maples Group, an
international law firm.
Jurisdictions such as BVI are under pressure to comply with
international accords drawn up by the Group of 20 industrialised
nations to force firms to be more transparent about their tax
reporting and use of offshore centres.
Separately, Maples pointed out that the BVI’s tax authority has
pushed out the registration deadline for non-reporting BVI
financial institutions when it comes to complying with the Common
Reporting Standard. (CRS is an international set of agreements
among countries to swap information in order to chase alleged tax
dodgers.)
Non-reporting institutions are typically defined under the CRS as
government bodies, central banks, retirement funds, collective
investment schemes and any entity where there is a low risk of it
being used to evade tax.
In addition, the reporting deadline for BVI financial
institutions that qualify as Trustee Documented Trusts and that
have reportable accounts for 2018 has been extended to 28 June
2019. If the Trustee Documented Trust has nothing to report a nil
filing must be submitted no later than 28 June 2019. The ITA has
reconfirmed that it was mandatory for all BVI reporting financial
institutions which do not maintain any reportable accounts to
submit a nil report by 31 May, Maples added.