Update CRS Categorization In The BVIFAR Portal

Wednesday, 15 November 2023 - 2:21pm

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.

Local Companies Filings

Wednesday, 1 November 2023 - 9:36am

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:

Almost there! Fee Implementation Update

Friday, 26 May 2023 - 3:35pm

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.

Tax Identification Number (TIN) Update

Friday, 26 May 2023 - 3:11pm

On December 30th, 2022, the United States Internal Revenue Service (“IRS”) released Notice 2023-11 (the “2023 Notice”) for foreign financial institutions (“FFI”) in jurisdictions with a Model 1 Intergovernmental Agreement (“IGA”) in place.

Notice for Financial Institutions on Economic Substance Requests

Friday, 4 November 2022 - 10:56am

The International Tax Authority is informing all Financial Institutions that  effective November 7th, 2022 all requests relating to Economic Substance such as re-openings, financial period change requests and responses to non-relevant activity  should be sent to the email address: Compliancerequests@bviita.vg.

Virgin Islands Financial Institutions (VIFI)

Thursday, 3 November 2022 - 4:49pm

The International Tax Authority would like to remind all Virgin Islands Financial Institutions (VIFI) of the following:

Fee Implementation Update

Wednesday, 18 May 2022 - 11:51am

The International Tax Authority is informing all relevant entities utilizing the BVIFars Portal that the intended annual fee for use of the portal, will be implemented later this year and not September 1, 2022, as previously stated.

International Tax Authority to Introduce Portal Fees September 1

Friday, 11 February 2022 - 3:50pm

The International Tax Authority is informing all relevant entities who are required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting (CbCr) that effective September 1, 2022, the International Tax Authority intends to introduce in reference to each entity enrolled in the BVIFars Portal an annual fee of $185.

BVI Premier Reiterates Territory’s Commitment To An Appropriate Framework For Publicly Accessible Registers

Tuesday, 22 September 2020 - 12:15pm

Premier and Minister of Finance of the British Virgin Islands (BVI), Honourable Andrew A. Fahie, has reiterated the support of the Territory’s Government for working with the United Kingdom Government (UKG) towards implementation of a publicly accessible register of beneficial ownership for companies, “in line with international standards and best practices as they develop globally,” with certain reservations.

BOSSs Portal Update

Friday, 4 September 2020 - 4:52pm

The International Tax Authority (“ITA”) is pleased to notify all Registered Agents (“RAs”) of the latest release of the BOSS(ES) portal, which provides additional functionality to the ITA. For RAs requiring change(s) to previously submitted declarations, we are now able to reopen the filed declarations.