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:
Topic: International Tax, Taxation | Posted By: rmaduro
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.
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.
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.
Topic: International Tax, Taxation | Posted By: DSmith
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.
Topic: Financial Services, International Tax | Posted By: aphillip
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.
Topic: International Tax, Statutory Bodies | Posted By: lstevens
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.