British Virgin Islands: Amendments to FATCA and CRS legislation
The tax authority of the British Virgin Islands issued amendments.
The tax authority of the British Virgin Islands issued amendments.
The tax authority of the British Virgin Islands issued amendments to the FATCA and common reporting standard (CRS) legislation.
- Section 9 repeals part II of the principal act and replaces it with newly added sections (11-20) for FATCA.
- Section 10 amends part III of the principal act by inserting the words “Common Reporting Standard” directly after part III.
- Section 11 provides for amendments to the definition in section 21 of the principal act.
- Section 12 repeals section 22 and replaces it with “The international tax authority shall be the competent authority for the purposes of this part and in relation to the implementation of the CRS.”
- Section 13 repeals section 27 of the act and replaced it with provisions setting out the to-be-established policies and procedures.
Read an August 2022 report [PDF 196 KB] prepared by the KPMG member firm in the British Virgin Islands
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