Press Release
Guidance Notes to compliment the legislative changes made to the Mutual Legal Assistance (Tax Matters) Act, 2003 are now available.
The International Tax Authority (ITA) is informing the BVI Financial Services Industry that the notes have been amended by way of Act No. 8 of 2018.
This amendment added a Part IV to the Mutual Legal Assistance (Tax Matter) Act, to provide for the implementation of Country by Country Reporting in the British Virgin Islands. As a result of this amendment, BVI Constituent Entities, that are a part of Multinational Enterprise Groups, as defined under Part IV, section 2 of the Act, are now required to identify themselves to the International Tax Authority.
The International Tax Authority is currently in the process of updating its BVI Financial Account Reporting System (BVIFARS) to provide an electronic medium for all BVI Constituent Entities to satisfy their obligations under the Act. In the interim, the Constituent Entities are required to submit registration applications via email.
These entities are asked to refer to Parts VI to IX of the Country by Country Reporting Guidance Notes for specific instructions on how to submit your registration applications via email. A further Press Release shall be issued to inform all Constituent Entities when BVIFARS have been updated and is ready to accept Country by Country Registrations and Reporting submissions.
Please be advised that:
- For those Constituent Entities where the Reporting Fiscal Year ends on or before April 30, 2019 the registration deadline is April 30, 2019.
- For all other Constituent entities where the Reporting Fiscal Year ends on or after May 1, 2019, the registration deadline is as prescribed by the legislation, which is no later than the last day of the Reporting Fiscal Year of such MNE Group.
The Reporting Fiscal Year is that year commencing on or after the 1st January, 2018.
All BVI Constituent Entities are required to take note of the dates as provided above and be guided accordingly.
The Guidance Notes can be accessed on the ITA’s website at: www.bvi.gov.vg/aeoi-beps
For further information on any matters relative to the International Tax Authority please feel free to contact telephone number 1 284 468 4415 or email addresses: BVIFARS@gov.vg or BVIITA@gov.vg