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 in the near future, the International Tax Authority intends to introduce in reference to each entity enrolled in the BVIFARS Portal an annual fee of $185.
As a reminder, all relevant entities with reporting obligations are required to enrol in the BVIFARS portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr.
The intended fee covers enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
Further updates on the implementation of this fee will be posted here on our website.