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BVI enacts CRS
Chris Hamblin
15 January 2016
The Government does not intend to issue guidelines on the subject because it feels that the OECD's existing commentaries and the CRS Implementation Handbook are so extensive as to make further guidance superfluous. The offshore law firm of Maples & Calder writes: "The principles under the BVI CRS legislation are very similar to FATCA and the BVI US and UK FATCA legislation, although there are some important distinctions. For example, while US FATCA focused on citizenship and tax residency, CRS only focuses on tax residency. Given the extensive overlap with the BVI UK FATCA regime, it is proposed that this regime should be subsumed into CRS by 2017."