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? Join our team as they provide an overview of: the new payment component of the

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

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

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?

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

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

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.