The International Tax Authority extends a sincere thank you to all entities with reporting obligations under the Common Reporting Standards (CRS) that have taken the initiative to update their CRS entity classification in the BVI Fars portal.

Following a recent update of the BVI Fars portal, we kindly request that entities who previously updated their CRS entity classification before 2020, to revisit the portal and update their classification once again.  This request specifically applies to updates in entity classifications made before 2020 ONLY.

Additionally, if you are an entity and are uncertain about the status of your CRS entity classification or have never included your CRS entity classification, we encourage you to review your status in the BVIFars portal and ensure it is up to date to maintain compliance with regulatory standards.

To update the reporting entity type and CRS entity classification, entities can complete a change of reporting obligations filing. For detailed instructions on this process, please refer to section 1.3.1 of the BVIFars user guide available on our website at https://bviita.vg/blog/2018/02/06/updated-bvifars-user-guide-2/.

We apologize for any inconvenience that may cause and appreciate your cooperation in ensuring accurate and up-to-date information.

Have a query?

Email us at info@bviita.vg

Telephone: 1-284-394-4415