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.

On December 30^th, 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.

The International Tax Authority is informing all Financial Institutions that  effective November 7^th, 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.

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

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.

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.

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.

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.