All persons subject to the provisions of these amendments are asked to take action and ensure that they are in compliance with the amendments.
Persons will note specifically the requirements in the International Tax Authority (Amendment) Act, 2022, section 4I which now requires a legal entity to establish and maintain adequate systems and controls for ensuring compliance with the requirements and obligations under the Act.
As currently drafted, this includes the entity establishing and maintaining a compliance procedures manual. All legal entities are expected to have their manuals established and implemented by the end of 2023. To assist with this implementation process, the ITA intends to publish advance guidance on the requirements and mechanisms that would suffice to demonstrate and evidence compliance with the elements of section 4I.
The International Tax Authority has created a web-based portal to provide a secure environment for BVI Financial Institutions to satisfy their obligations under the Agreement between the Government of the British Virgin Islands and the Government of the United States of America to Improve Tax Compliance via the Foreign Account Tax Compliance Act (US FATCA), the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve International Tax Compliance (UK CDOT) and the Arrangement under the Common Reporting Standards (CRS).
BVI and US FATCA – Competent Authority Agreement
BVI and UK CDOT – Competent Authority Agreement
BVI and Guernsey – Competent Authority Agreement
BVI and Isle of Man – Competent Authority Agreement
CRS Multilateral Competent Authority Agreement