Regulatory Alerts2015-12-11
Mutual Legal Assistance (Tax Matters) Order 2015
The British Virgin Islands Minister of Finance issued this Order to implement the UK-BVI International Tax Compliance Agreement, mandating financial institutions to identify reportable accounts and report account holder data. Financial institutions must apply prescribed due diligence procedures, register with the Competent Authority by April 1, and submit annual reports by May 31 for both existing and new accounts. The Order authorizes third-party agents to perform due diligence, grants the Competent Authority inspection and cross-border data retrieval powers, and enforces a six-year record retention period alongside general penalties for non-compliance.
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