The Government of the British Virgin Islands ("BVI") has recently announced that the BVI Financial Account Reporting System ("BVIFARS") was updated on 19 June 2017 to accommodate reporting under the Common Reporting Standard ("CRS").

Under the extended deadlines for CRS, BVI Reporting Financial Institutions will be reminded that they have until 30 June 2017 to enrol with the BVI International Tax Authority (the "ITA") via the BVIFARS and to report their reportable accounts via BVIFARS by 31 July 2017.

The ITA has also updated the BVIFARS User Guide in relation to CRS submissions and a copy of the updated User Guide, version 7.0, can be found on the website

Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage