BVI Reporting FIs – Have you got your AEOI policies and procedures in place?
07 May 2020
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.
Both FATCA and CRS legislation included the requirement for BVI FIs to implement policies and procedures complying with the respective legislations, though only the CRS legislation specifically noted these policies and procedures documents should be written.
The notice notes "failure to comply with the request is an offence and is liable on conviction to a fine not exceeding one hundred thousand dollars (US$100,000.00).”
If you require assistance with your AEOI obligations, including the preparation of policies and procedures documents, please reach out to your usual Harneys contact or the AEOI team (AEOIoperations@harneys.com).