The British Virgin Islands (BVI) Government has told financial institutions that the deadline for registration under its newly launched Financial Account Reporting System (BVIFARS) to facilitate FATCA compliance is June 1, 2015.
Financial institutions required to submit information to the Government under the US Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA) between the BVI and the US must register to use BVIFARS.
The FATCA requires financial institutions outside the US to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS).
The reporting deadline for this information from 2014 is June 30.
Any financial institution that has not yet obtained its Global Intermediary Identification Number (GIIN) from the US Internal Revenue Service (IRS) is encouraged to do so immediately, as a GIIN is required to register with BVIFARS.
Financial institutions that have nothing to report are not obligated to register, but may elect to do so.
By Courtesy of Lowtax.net
