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.
Please confirm if payment functionality is now live?
No, it is not yet live. Once it becomes live an update will be provided to all users, including guidance on how payments can be made.
When is the first payment required to be made by?
On or before 1 June, 2024.