The BVI International Tax Authority (ITA) has renewed publication of the Common Reporting Standard (CRS) lists of Participating Jurisdictions and Reportable Jurisdictions for 2021.
Participating jurisdictions under the CRS are those jurisdictions that have committed to implement the CRS and are able to enforce reporting by its financial institution. The ITA participating jurisdiction list is referred to under section 25(3) of the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT), which implements CRS in the BVI.
Reportable Jurisdictions are those participating jurisdictions with an agreement in place to exchange relevant CRS account information with the BVI. Such agreement will either be in the form of the OECD’s Multilateral Competent Authorities Agreement (MCAA) or another type of exchange of information agreement such as a Tax Information Exchange Agreement (TIEA).
Both lists were published in the Official Gazette on 18 March 2021. By way of update to last year’s lists, Liberia is now a participating jurisdiction under CRS whereas Curacao and Costa Rica are new reportable jurisdictions for the BVI.
The CRS List of Participating Jurisdictions can be found here.
The CRS List of Reportable Jurisdictions can be found here.