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Re: Update Of CRS Categorisation In The BVIFAR Portal

NOTICE FROM THE INTERNATIONAL TAX AUTHORITY  Re: Update Of CRS Categorisation In The BVIFAR Portal     The International Tax Authority extends a sincere thank you to all entities with reporting obligations under the Common Reporting Standards (CRS) that have taken the initiative to update their CRS entity classification in the BVI Fars portal.  Following

2024-03-12T11:35:33-04:00March 12th, 2024|Notices, Press Release|

BVI FARS Payment Update

NOTICE FROM THE INTERNATIONAL TAX AUTHORITY REGARDING  THE BVI FARS PAYMENT UPDATE    The International Tax Authority has received numerous inquiries regarding making payments through the BVI Fars portal.  We had initially aimed to go Live with the payment component in January 2024, but due to unforeseen circumstances, the deployment of the payment module

2024-03-05T13:58:02-04:00March 5th, 2024|Notices, Press Release|

International Tax Authority (ITA) To Host Live Seminar For Investment Entities

INTERNATIONAL TAX AUTHORITY (ITA) TO HOST LIVE SEMINAR FOR INVESTMENT ENTITIES Are you an Investment Entity subject to the reporting requirements under the Common Reporting Standards? Are you a person appointed to fulfill those obligations through the BVIFars Portal? Join our team as they provide an overview of: the new payment component of the

2024-02-22T15:13:11-04:00February 22nd, 2024|Notices, Press Release|

Request For Financial Period Alterations

The International Tax Authority (“ITA”) would like to remind all authorized representatives making an application to alter a legal entity’s Financial Period (except its first financial period) that they should be guided by the requirements of Rule 18 of the Rules on Economic Substance. The application should be made by way of notice to

2024-01-25T09:16:08-04:00January 25th, 2024|Notices, Press Release|

International Tax Authority (ITA) To Host Live Seminar For Investment Entities

Are you an Investment Entity subject to the reporting requirements under the Common Reporting Standards? Are you a person appointed to fulfill those obligations through the BVIFars Portal? As a responsible person reporting in the BVIFars Portal, you must stay up to date with the ever-evolving regulatory landscape, and we understand that navigating through

2024-01-22T11:53:10-04:00January 22nd, 2024|Notices, Press Release|

The BVI FARS Payment Portal Will Be Going Live Soon!!!

The International Tax Authority is pleased to announce that the BVIFars payment portal will Go Live in January 2024!!! As a reminder, all relevant entities with reporting obligations are required to enroll in the BVIFars portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr. When is the annual fee due?

2023-12-06T14:41:45-04:00December 6th, 2023|Notices, Press Release|

Local Filings

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:  “local company” means any company or limited partnership who is resident for tax purposes in the Virgin

2023-10-31T13:21:07-04:00October 31st, 2023|Notices, Press Release|

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|

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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