Can ACH payments be made from a bank outside the BVI?
Yes.
Is the applicable fee for each CRS return filed or just for the FI for that tax year with no separate fee per CRS return filed?
That is correct, the annual fees is applicable to the FI only.
For bulk payment options, does the PPOC/PU need to manually add each paying entity name and FI number? Is there a maximum number of entities per bulk payment filing?
Yes, the entity name and FI number has to be entered manually. There is no maximum amount of entities per bulk filing. The ITA recommends that where you are creating a bulk filing that this be limited to 60 entities at a time so that the system is not overwhelmed.
When using the BULK PAYMENT option, can we pay in one shot the Annual Submission Fee for all the FIs under our care and which are unrelated between them?
Yes. Once the payment portal is live full guidance on making payments will be issued and made available to all portal users.
It will be common payment for all files? Or should pay for each submitted file?
The payment is not applied based on the filings, all registered entities must pay the annual fee.
The filing is due by 31 May 2024. the payment is due by 1 June 2024. Do we have to pay after the filing is submitted?
A RFI can make a payment at any time before the due date of each filing year.
How the payment will be processed for the existing FI and new FI? For the exiting FI, what if the FI has no filing obligation that particular year, should it be charged? If so, by how?
All FIs in the BVIFARs portal have a reporting obligation. Whether they have reportable accounts or not. The Mutual Legal Assistance (Tax Matters) Act, Revised Edition 2023 requires all FIs to file a report. Those FIs that have no reportable accounts will have to complete a NIL filing. As such all RFIs registered in the
Can you give more information on the BVIFARS payment portal? Will bulk payment of fees for multiple entities be available? Will the fee be charged for an entity registered and listed in the portal but in the midst of deactivation and pending for approval to deactivate?
Yes, there will be a bulk payment functionality for multiple FIs. For entities that were in the portal awaiting deregistration, the fee will not apply if that deregistration application was made before the end of January, 2024.
What is the payment process on the portal? Will you distribute guidance on this topic so that this can be administered by relevant entities?
Once the payment portal is live full guidance on making payments will be issued and made available to all portal users.