Notices

ITA Notices

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: Compliancerequests@bviita.vg.

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|

Fees Coming Soon

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

2022-05-13T15:21:27-04:00February 11th, 2022|Notices, Press Release|

BVIFARS Onfline

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 currently online. We sincerely apologized for any inconvenience caused during the period when the portal was offline. For further information, questions or concerns please feel

2022-01-17T10:08:11-04:00January 17th, 2022|News, Notices, Press Release|

BVIFARS Offline

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 currently offline. We are cognizant of filing deadlines such as correction that must be made and as such, this will be considered when the Portal

2022-01-07T11:48:44-04:00January 7th, 2022|News, Notices, Press Release|

FATCA Mandatory Tax Identification Number (TIN) Update

The International Tax Authority (the “ITA”) wishes to inform all Financial Institutions (“FI’s”) with Foreign Account Tax Compliance Act (“FATCA”) reporting obligations, that the U.S Tax Identification Number (TIN) information is mandatory for ALL reportable accounts and must be included in FATCA reports. Please note that the mandatory TIN information is applicable for the

2021-09-20T15:42:48-04:00September 20th, 2021|News, 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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