Country-by-Country Reporting (CbC Reporting) applies to all large multinational entities (MNEs)with annual consolidated group revenue equal to or higher than EUR 750 Million in a fiscal year. MNEs are required to prepare a CbC Report containing information relating to the global allocation of the group’s income and taxes, together with indicators of the location of economic activity within the group. This report will be exchanged with tax authorities in these jurisdictions where the group has operation.
As a Member of the Inclusive Framework on BEPS, the Virgin Islands has committed to implement the minimum standards one of which is BEPS Action 13 on Transfer Pricing Documentation and Country – By – Country Reporting. For the list of jurisdictions that are members of the Inclusive Framework on BEPS, please click here.
To implement the CbCR in the domestic laws of the Virgin Islands, the Government of the Virgin Islands has amended the Mutual Legal Assistance (Tax Matters) Act, 2003
For additional information and latest events concerning BEPS please visit the OECD’s website
To access the BVI Country by Country Reporting Guidance Click Here.
To access the Template for BVI Letters of Authorisation for CbCR Primary User Click Here.
Reporting Entities most register directly on BVIFARS. Constituent Entities with no reporting obligations are required to register with the ITA using the excel template found here.