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
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
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
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 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
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
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
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
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
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
