BVI Financial Institutions (BVIFIs) are notified that the BVI Financial Account Reporting System (BVIFARS) will be ready to accept UK CDOT or UK FATCA filings by Monday, May 2.

Financial Institutions with relevant reportable accounts for 2014 and 2015 can submit their information to the International Tax Authority (ITA) as of this date, but no later than the following extended dates:

• The statutory deadline of April 1 to register with the ITA is extended to June10; and
• The statutory deadline of May 31 to submit 2014 and 2015 reportable accounts to the ITA is extended to July 29.

The extended deadlines only relate to reportable accounts being submitted via BVIFARS.  As it relates to the Alternative Reporting Regime (ARR) under UK CDOT or UK FATCA, all information is to be reported no later than the original statutory deadline of May 31. 

BVIFIs are reminded that all ARR reports are to be submitted via encrypted email, using email address: BVIFARS@gov.vg.  The subject of the email must be stated as UK CDOT – ARR Submission with the name of the reporting financial institution company inserted.  The password for this email is to be provided by way of a separate email, once the submission has been acknowledged by the International Tax Authority. 

The responsibility remains with the BVIFIs, to follow-up with the ITA if no acknowledgement email is received within 72 hours of submission of the encrypted email. BVI Financial Institutions are to be guided accordingly.

For more information on reporting obligations and how to report, please visit the ITA website: www.bvi.gov.vg/ministry-finance-international-tax-authority or www.bvi.gov.vg/fatca or contact the ITA via telephone:  (284) 468 4415 or email:  bvifars@gov.vg or bviita@gov.vg.