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 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.Back to News
Cyprus Self-Managed Alternative Investment Funds with Limited Number of Persons (AIFLNP) - Compliance Calendar Have you ever been in a situation where although you have the competency to perform a task you are unsure what the totality of the task might be? This situation can arise when numerous regulatory requirements are imposed on an organisation and further exacerbated by the almost exponential increase in the velocity of change of these requirements.Read more