The International Tax Authority (“ITA”) is pleased to announce that the updated Rules about the Economic Substance requirements under the Economic Substance (Companies and Limited Partnerships) Act, Revised Edition 2020 (as amended) (“ESA”) and the Beneficial Ownership Secure Search System Act, Revised Edition 2020 (as amended) (“BOSSs Act”), is now available on its website.
The Rules have been mainly updated to reflect the recent amendments made to the BOSSs Act (i.e. the Beneficial Ownership Secure Search System (Amendment) (No. 2) Act, 2021 (No. 42 of 2021), the recent amendments to the ESA (i.e. the Economic Substance (Companies and Limited Partnerships) (Amendment) Act, 2021 (No. 30 of 2021) and to provide clarity and some terms and reporting obligations extended or introduced by those amendments.
Visit the website at: https://bviita.vg/, select: Library> Legislation> Action 5 (Economic Substance)> Rules to access this new version of the Rules.
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