Re: Update Of CRS Categorisation In The BVIFAR Portal
NOTICE FROM THE INTERNATIONAL TAX AUTHORITY Re: Update Of CRS Categorisation In The BVIFAR Portal The International Tax Authority extends
BVI FARS Payment Update
NOTICE FROM THE INTERNATIONAL TAX AUTHORITY REGARDING THE BVI FARS PAYMENT UPDATE The International Tax Authority has received numerous inquiries
International Tax Authority (ITA) To Host Live Seminar For Investment Entities
INTERNATIONAL TAX AUTHORITY (ITA) TO HOST LIVE SEMINAR FOR INVESTMENT ENTITIES Are you an Investment Entity subject to the reporting requirements
Technical Difficulties
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.
Fee Implementation Update
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
Tax Identification Number (TIN) Update
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
Updated Economic Substance Rules
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