• British Virgin Islands
    FATCA Deadlines Extended

    12-06-2015

    The British Virgin Islands tax authority has announced that the enrollment and reporting deadlines for British Virgin Islands reporting financial institutions have been extended by 1 month as follows:

    • The enrollment deadline has been extended from 1 June 2015 to 30 June 2015.
    • The reporting deadline has been extended from 30 June 2015 to 31 July 2015.

    The FATCA Agreement between the British Virgin Islands and the United States was signed on 30 June 2014.

    FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.

    More specifically, British Virgin Islands and the United States signed a Model 1 Agreement. Under this agreement, FFIs in British Virgin Islands will report the information required under FATCA about U.S. accounts to the British Virgin Islands Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the British Virgin Islands Government regarding individuals and entities from British Virgin Islands with accounts in the United States.

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