The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act (“MLA Act”) and the International Tax Authority Act (“ITA Act”) were gazetted on 13 June 2022:

• The Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2022 (the “MLA Amendment”); and
• The International Tax Authority (Amendment) Act, 2022 (the “ITA Amendment”).

In a BVI Government press release dated 26 July 2022, the International Tax Authority (“ITA”) and the BVI Ministry of Finance confirmed that all persons subject to the provisions of the MLA and ITA Amendments were required to take action to ensure that they are in compliance with the amendments further detailed below.

On 4 August 2022, the International Tax Authority (Administrative Penalties) Regulations 2022 (the “ITA Regulations”) were gazetted, and are deemed to have come into force on 14 June 2022.

On 8 September 2022, the International Tax Authority issued a notice reminding all BVI Financial Institutions of the Obligation to register on the BVI Financial Account Reporting System. Each VIFI is required to register with the Competent Authority. The VIFI may appoint a third party to carry out the duties and obligations however, as a Secondary User. The responsibility to ensure all obligations have are met, is with the VIFI.

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