BVI publishes draft FATCA Guidance Notes

In the latest moves towards implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK, the BVI Government has released draft Guidance Notes for public consultation. A copy can be accessed from the Ministry of Finance website.

The draft Guidance Notes have been published in advance of FATCA workshops presented by the Government in consultation with KPMG and Harneys. The workshops will take place on Tuesday, 29 July and Thursday, 31 July. Prior registration for the workshops is required by contacting Tashia Turnbull at Government on +1 284 468 2090 ortaturnbull@gov.vg.

In a separate but related development, the House of Assembly is scheduled to debate amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT) at a sitting on Tuesday, 22 July. It is proposed that the passage of a Bill for the Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2014 will be expedited with all three readings likely to take place on Tuesday. MLAT is the existing legislation under which Tax Information Exchange Agreements (TIEAs) are implemented. The MLAT Amendments are expected to make provision for the automatic exchange of information under the IGAs with the Minister having power to issue Guidance Notes.