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Technical Difficulties

The International Tax Authority (“ITA”) is informing all users of the BVI Financial Account Reporting System, (“BVIFARS”), that it is aware of the technical difficulties being experienced while attempting to file. Our IT Team is diligently working to resolve this matter with the hopes of the portal being fully functional next week. Users are

2023-06-01T11:57:49-04:00June 1st, 2023|Notices, Press Release|

Fee Implementation Update

Almost there! Fee Implementation UpdateIt’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.Once the portal goes live, we will provide details about the process and options available for making payments.For those FI’s already enrolled and are

2023-05-24T15:54:57-04:00May 24th, 2023|Notices, Press Release|

Tax Identification Number (TIN) Update

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. This Notice follows prior relief issued by the IRS in 2017, 2019, and 2021 that offered limited relief and additional time for

2023-05-26T15:22:43-04:00May 11th, 2023|Notices, Press Release|

Updated Economic Substance Rules

The International Tax Authority (“ITA”) is pleased to announce that the updated Rules about the Economic Substance requirements under the Economic Substance (Companies and Limited Partnerships) Act, Revised Edition 2020 (as amended) (“ESA”) and the Beneficial Ownership Secure Search System Act, Revised Edition 2020 (as amended) (“BOSSs Act”), is now available on its website.The Rules

2023-02-24T13:52:31-04:00February 24th, 2023|Notices, Press Release|

Economic Substance Request email

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:

2022-11-07T09:32:37-04:00November 7th, 2022|Notices, Press Release|

Almost there! Fee implementation Update

The BVIFARs Portal fee implementation is on track for 2023. There has been a slight shift in the deadline with the portal now scheduled to go live before the end of the 1st quarter 2023! Once the portal becomes live further details about the following will be provided: process for making payment through the

2022-10-27T09:36:40-04:00October 27th, 2022|Notices, Press Release|

Reminder to all Virgin Islands Financial Institutions (VIFI)

The International Tax Authority would like to remind all Virgin Islands Financial Institutions (VIFI) of the following: “Section 28(2)(c) of the MLA requires a VIFI to provide the name, address etc. of their principal point of contact for all purposes of compliance with the standard. This person is identified as the “Primary User” within

2022-09-08T15:20:05-04:00September 8th, 2022|Notices, Press Release|

ITA Act Amendment and MLA Amendment

The International Tax Authority (ITA) is pleased to announce the amendments entitled:1) The Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2022; and2) The International Tax Authority (Amendment) Act, 2022.All persons subject to the provisions of these amendments are asked to take action and ensure that they are in compliance with the amendments.Persons will note specifically

2022-07-26T14:29:55-04:00July 12th, 2022|Notices, Press Release|

Portal Online -New Tin Update to BVIFARs Live

The ITA wishes to inform FI’s that the BVIFARs portal updates have been completed with respect to the “ISSUED BY” option in special circumstances where a TIN is not available. FI’s with FATCA reporting obligations can now access the Portal and report accounts for an account holder that is not assigned a TIN, but the

2022-02-24T14:59:42-04:00February 24th, 2022|Notices, Press Release|

Tax Identification Number (TIN) Update

Tax Identification Number (TIN) Update The International Tax Authority (ITA) wishes to remind all Financial Institutions (FI’s) that mandatory TIN information in filings was implemented for 2020 reporting year and onwards.  If a FI made a filing without a TIN, but rather, inserted any one of the IRS acceptable sequential codes such as 222222222, a

2022-02-21T09:39:15-04:00February 21st, 2022|News, Press Release|

BVI Financial Account Reporting System

The International Tax Authority has created a web-based portal to provide a secure environment for BVI Financial Institutions to satisfy their obligations under the Agreement between the Government of the British Virgin Islands and the Government of the United States of America to Improve Tax Compliance via the Foreign Account Tax Compliance Act (US FATCA), the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve International Tax Compliance (UK CDOT) and the Arrangement under the Common Reporting Standards (CRS).

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BVI and US FATCA – Competent Authority Agreement BVI and UK CDOT – Competent Authority Agreement BVI and Guernsey – Competent Authority Agreement BVI and Isle of Man – Competent Authority Agreement CRS Multilateral Competent Authority Agreement

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