The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI’s”) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is now accessible.
All VIFI’s and constituent entities are reminded of the filing deadlines. They are as follows:
For Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) filings; the deadline is 31 May 2021.
For Country-by-Country reporting (CbCr), the deadline is no later than 12 months after the last day of the reporting fiscal year of the MNE Group.
All FI’s and constituent entities are also reminded that any filings/reporting obligations, must be in accordance with the OECD version 2.0 XML Schema. Please note, the Portal will no longer accept version 1.0 XML Schema filings and thus, a failed schema message may be received.
For more information on the use guide for v2.0 XML Shema please visit the following
The OECD user guide for CRS is available here. The OECD user guide for CBC is available here.
For further information, questions or concerns please feel free to contact us via the following means: telephone number: 1 284 343 4415, email address: Info@bviita.vg