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).
Financial Institutions are advised that the BVIFARS Portal has been updated and now accepts, US FATCA and CRS Enrolments and reporting submissions.
Important note: Enrolment and Submission Deadlines are as follows:
- Annual Enrolment deadline for US FATCA is: 31st July 2020
- Annual Reporting Submission deadline for FATCA is: 31st August 2020
- Annual Enrolment/Notification deadline for CRS is: 30th June 2020
- Annual Reporting Submission deadline for CRS is: 31st July 2020
BVI Financial Institutions (FIs) are advised that the BVI Financial Account Reporting System (BVIFARS) is now open and available to receive filings.