Statutory Deadlines Extended for BVI Financial Institutions

The BVI Financial Account Reporting System will be ready to accept UK CDOT or UK FATCA filings by May 2, 2016. BVI Financial Institutions have been informed of this fact, and they can submit their reports to the International Tax Authority as of this date and no later than the extended dates which are as follows: the statutory deadline for registration with the Tax Authority is extended from April 1 to June 10, and the statutory deadline to submit 2014 and 2015 reportable accounts to the ITA is extended from May 31 to July 29.

The extended deadlines relate only to reportable accounts submitted via BVI Financial Account Reporting System. Concerning the Alternative Reporting Regime (ARR) under UK CDOT and UK FATCA, the original statutory deadline remains the same.