About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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BVI economic substance reporting changes and deadlines
Most companies and limited partnerships registered in the BVI have an economic substance “financial period” of 30 June to 29 June. Reports to the International Tax Authority are due within six months of the financial period end, typically falling around the end of the calendar year.
28 Sep 2023
BVI ITA updates industry on mandatory TIN information for Financial Institutions, relevant to US IRS filings
On 12 May 2023, the International Tax Authority issued a reminder to all Financial Institutions regarding the inclusion of mandatory Tax Identification Number information in filings, for the 2020 reporting year onwards. Additionally, the ITA provided an update on the acceptable sequential codes issued by the United States Internal Revenue Service for reporting purposes from calendar year 2022 onwards.
23 May 2023
Further amendments to the BVI International Tax Authority Act
The British Virgin Islands (BVI) International Tax Authority Act 2018 (as amended, the ITA Act) has been further amended by the International Tax Authority (Amendment) Act 2023, which is effective from 22 March 2023.
04 Apr 2023
FATCA and CRS reporting deadlines
British Virgin Islands and Cayman Islands reporting financial institutions are reminded that in order to remain compliant they must complete their FATCA and CRS reporting by specific key dates.
16 Feb 2023
Harneys introduces CRS & FATCA classification solution
Our bespoke CRS & FATCA classification solution was created to assist British Virgin Islands and Cayman Islands registered entities to effortlessly determine their classification status under the CRS and FATCA regimes, and seamlessly connect with our regulatory and compliance experts, who are eager to support.
09 Feb 2023