The International Tax Authority will host its next seminars to assist persons navigating the reporting obligations under the Common Reporting Standards on June 5th, 2024.

The International Tax Authority is pleased to announce the establishment of several Ad hoc Committees aimed at fostering collaboration between the International Tax Authority and the Industry concerning cross boarder tax matters.

The latest update from the International Tax Authority regarding the Rules on Economic Substance (v4) as of 2 April 2024, has been released.

This particular update focuses on Rule 5, and notably excludes the United Arab Emirates from the list of jurisdictions without a corporate income tax system.

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.

The International Tax Authority is excited to announce several upcoming seminars dedicated to assisting persons navigating the reporting obligations under the Common Reporting Standards.

Are you an Investment Entity subject to the reporting requirements under the Common Reporting Standards?

The International Tax Authority is pleased to announce that the BVIFars payment portal will Go Live in January 2024!!!

BVIFARs users who have a reporting obligation under the Common Reporting Standards (“CRS”) are being asked to ensure that they have accurate and up-to-date information in the portal.

The International Tax Authority (“ITA”) is informing the public that under the International Tax Authority (Amendment) Act, 2023 (“ITA Act”) local companies can now make an application of exclusion directly to the ITA. Under the ITA Act:

It’s been a while since we announced the new annual fee for Financial Institutions (FI’s) enrolled in the BVI Fars portal, however, we’re still on track for 2023.