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Regulatory Blog

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Cayman Islands - CRS and FATCA submissions deadline is approaching
The Department for International Tax Cooperation (DITC) reminds the industry of the Common Reporting Standard (CRS) and FATCA deadline for the submission of 2021 reports, as required under the CRS Regulations and FATCA Regulations is 31 July 2022.
BVI International Tax Authority imposes annual fee for FATCA, CRS and country-by-country reporting
On 11 February 2022, BVI’s International Tax Authority announced its intention, effective 1 September 2022, to introduce an annual fee to each entity enrolled in the BVIFARS Portal who is required to report under the Common Reporting Standards, Foreign Account Tax Compliance Act, and Country-by-Country Reporting.
Hong Kong now included in BVI ITA’s list of CRS reportable jurisdictions
The BVI International Tax Authority has recently amended its list of CRS reportable jurisdictions to include the Special Administrative Region of Hong Kong.
Cayman Islands releases its 2021 list of CRS reportable jurisdictions
The Cayman Islands Department for International Tax Cooperation (DITC) has renewed its publication of the Common Reporting Standard (CRS) list of reportable jurisdictions for 2021.
Cayman Islands CRS and FATCA reporting deadlines extended
The reporting deadlines for CRS and FATCA have been extended to 16 December 2020 (they were previously 16 November 2020).
New Cayman Islands Tax Information Authority offence
It is now an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA). A fine of US$12,200 and/or imprisonment for 5 years may be imposed on any person who commits such offence.
ITA issues notifications for policies and procedures
On 12 May 2020, the BVI International Tax Authority (ITA) published a press release advising that requests were issued to certain BVI Financial Institutions (FI) to produce their written policies and procedures within 10 working days, as part of the CRS compliance regime.
BVI Reporting FIs – Have you got your AEOI policies and procedures in place?
The BVI International Tax Authority (ITA) has started to issue notices to BVI Financial Institutions (BVI FIs) requesting the BVI FIs written AEOI policies and procedures be provided to the ITA within 10 working days.
BVI extends FATCA and CRS reporting deadlines due to COVID-19 and reporting issues with the BVIFARs portal
In light of the COVID-19 pandemic the BVI International Tax Authority (ITA) has extended the deadlines for BVI Financial Institutions (BVI FIs) to report under FATCA and the Common Reporting Standard (CRS) as follows:
FATCA and CRS reporting deadlines extended
As a result of the extension granted by the US, the Cayman Islands DITC is now extending the FATCA reporting deadline for the 2019 reporting period to 16 November 2020.
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