To the Financial Institutions reporting under FATCA and CRS:
Please be advised of the following:
1. The Competent Authority has officially written to the IRS and the OECD requesting 60 day extensions of both the FATCA and CRS Reporting deadlines from 30 September 2018 to 30 November 2018. As you are aware, we have been experiencing logistical delays in making our online reporting system operational which has prevented Reporting Financial Institutions from registering and reporting under both FATCA and CRS. We therefore decided to seek extensions to enable Financial Institutions adequate time to report their financial information under both regimes.
2. The portal is now available for registration and reporting purposes. The weblink is: https://irdreporting.gov.vc/ReportingSolution
Financial Institutions can begin the registration process from Monday. Each FI Administrator must first be approved by the Competent Authority before reporting can take place. Each FI Administrator and/or User must upload an authorization letter from the Financial Institution and a copy of an identification document for the Competent Authority to sanction.
The approvals process is strictly done online. Therefore the Competent Authority would be unable to accept authorization letters and identification documents sent to us via email or in hard copies.
3. We have attached the power point presentation from the most recent Financial Institution Training Seminar, which would provide a guide for the registration and reporting processes.
If you have any further questions or queries, please do not hesitate to contact us via this email or at telephone number (784) 456-6099.
4. We sincerely apologize for the late transmission of this email. This was due to exigencies of office experienced between yesterday and today. We continue to applaud the high level of patience and cooperation that you have exhibited and continue to exhibit throughout this process and we look forward to your continued involvement.
Exchange of Information Unit
Foreign Account Tax Compliance Act (FATCA)
Inland Revenue Department (IRD)