ROAD TOWN, BVI.- The British Virgin Islands financial account reporting system (BVIFARS) was updated on Monday to accommodate reporting under the common reporting standards (CRS).

BVI financial institutions were reminded that the extended enrolment deadline for CRS is June 30, and the extended submissions reporting deadline for CRS is July 31.

BVI financial institutions with reporting obligations under the inter-governmental agreement between the government of the United Kingdom and the government of the BVI (UK CDOT) were also reminded that reporting to the UK should be prepared using the CRS XML Schema and submitted via the CRS filings in the system. 

The International Tax Authority (ITA) has also updated the BVIFARS User Guide in relation to CRS submissions.