The International Tax Authority has created a web-based portal to provide a secure environment for BVI Financial Institutions and constituent entities to satisfy their respective 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) and in the case of CbC, under the Multilateral Competent Authority Agreement to improve Tax Compliance via Base Erosion and Profit Shifting (BEPS) Action 13.
BVI Financial Institutions are advised that the BVI Financial Account Reporting System (BVIFARS) Portal is open and has been updated to accepts, US FATCA CRS and CbC eenrolments and reporting submissions.
Important note: Enrolment and Submission Deadlines are as follows:
- Annual Enrolment deadline for US FATCA is: 1st April 2021.
- Annual Reporting Submission deadline for FATCA is: 31st May 2021.
- Annual Enrolment/Notification deadline for CRS is: 30 April 2021.
- Annual Reporting Submission deadline for CRS is: 31st May 2021.
With respect to Constituent Entities:
- Annual Enrolment for CbC is no later than last day of the reporting fiscal year of the MNE Group.
- Annual Reporting Submission deadline for CbC is no later than 12 months after the last day of the reporting fiscal year of the MNE Group.
FIs and Constituent Entities are further advised that all filings must meet the requirements of the XML schema v2.0. The OECD user guide for CRS is available here. The OECD user guide for CBC is available here.