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BVI ITA ANNOUNCES EXTENSION OF FATCA/CRS FILINGS AND ENROLLMENTS
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The BVI’s International Tax Authority (ITA) has extended the enrollment deadline to 31st July 2020 for FATCA and the filings deadline for FATCA to 31st August 2020. Although there is no indication of a general extension of filing and enrollment deadlines for CRS, the ITA has decided to also extend the enrolment deadline for CRS to the 30th June 2020, and the CRS deadline for filing to 31st July 2020.
The ITA reiterates that in accordance with the 18th March 2020 press release, adjustments can be made with respect to filing and enrollment deadlines, this remains true where a financial institution is in a position where they cannot meet the extended deadlines.
Further, the ITA has received queries regarding the BVIFARs Portal. Firms are advised that screenshots must be sent along with an explanation of the problems being faced so that these encountered concerns can be adequately and appropriately addressed. The subject of the email should say, “BVIFARs Filing Concern”.
For more information and to advise of any issues with BVIFARs or otherwise, please email info@bviita.vg. Read the full announcement, here.
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SAVE THE DATE: UPCOMING EVENTS
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CRCA HOSTS WEBINAR ON COVID-19 PANDEMIC
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The Caribbean Regional Compliance Association (CRCA) recently hosted a webinar, highlighting the new risks that are emerging in the rapidly changing COVID-19 environment. The discussion was focused on:
- Where sanctions may be impacted or relaxed
- How criminals are taking advantage of COVID-19, and how we can be alert to detect changes in transactions and scams
- Opportunities to improve business continuity and disaster management.
You can watch/listen to the full webinar, here.
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EASTERN CARIBBEAN SUPREME COURT ADOPTS MEASURES FOR ALTERNATIVE EFFECT OF SERVICE ON BVI BUSINESS COMPANIES
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Prior to the impact of the COVID-19 pandemic, service of a claim form or other document on a BVI Business Company was attained by the physical delivery of service at the company’s registered office or registered agent’s office. One of the changes resulting from the pandemic is an amendment to the manner in which documents may be served on BVI Companies.
On 23rd March 2020, the Chief Justice of the Eastern Caribbean Supreme Court, Dame Janice Periera, issued a Practice Direction (now in its second re-issue) which provides that a claim form or other document may be served on a BVI Company by sending it via email to the registered office or registered agent of that company in lieu of physical delivery. Documents served via email are now as effective as if they had been hand delivered.
O’Neal Webster’s litigation department has prepared an advisory on the amendment which can be viewed, here.
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INTERNATIONAL COMPARATIVE LEGAL GUIDE TO LENDING & SECURED FINANCE 2020: BRITISH VIRGIN ISLANDS
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The Maples team, comprised of Michael Gagie and Matthew Gilbert, have provided an overview of lending and secured finance law in the British Virgin Islands. Their contribution formed part of the eighth edition of the International Comparative Legal Guide: Lending & Secured Finance which covered 40 jurisdictions.
Download the Guide, here.
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Weekend Reading Suggestions
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10 HOME ELECTRONICS YOU NEVER CLEAN, BUT REALLY SHOULD
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Home electronics occupy a prominent place in our daily lives.
We touch them repeatedly, share them with other family members, and leave them out to collect dust and grime, and yet we don't generally include them in our regular cleaning routine—and that's a big mistake. As important as it is to keep your hands clean, it's just as important to keep your electronics clean so they don't become reservoirs for germs. Read on to learn some quick-clean tricks for common home electronics that will get your devices germ- and dust-free.
Debbie Wolfe, an MSN contributor, shares some tips on how to properly sanitize electronics in our homes.
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HOW BUSINESSES CAN STAND UP AGAINST CLIMATE CHANGE
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While the fight against the Coronavirus is currently a priority for every nation across the world, the issue of climate change remains. All evidence points to the reality that climate change is here, and we have an important role to play in preventing the worst-case scenario.
It's a fact that 2019 was a year in which natural disasters occurred with unprecedented frequency. In the recent years, climate change is an issue that has risen into the public consciousness - with events like Earth Day and Earth Month creating an annual moment where the world turns its attention onto the issue of climate change.
As another Earth Day passes, Salesforce's Dr David Dempsey highlights the need to maintain the battle against climate change.
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UPCOMING EVENTS
May
BVI Finance Breakfast Forum
Webinar | 20 May
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