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”)
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
Economic Substance Request email
The International Tax Authority is informing all Financial Institutions that effective November 7th, 2022 all requests relating to Economic Substance such
BVIFARS Offline
The International Tax Authority (the “ITA”) wishes to inform all Virgin Islands Financial Institutions (“VIFI”’s) and Constituent Entities that the British Virgin Islands Financial Account Reporting system (“BVIFARs”) is currently offline. We are cognizant of filing deadlines such as correction that must be made and as such, this will be considered when
FATCA Mandatory Tax Identification Number (TIN) Update
The International Tax Authority (the “ITA”) wishes to inform all Financial Institutions (“FI’s”) with Foreign Account Tax Compliance Act (“FATCA”) reporting obligations, that the U.S Tax Identification Number (TIN) information is mandatory for ALL reportable accounts and must be included in FATCA reports. Please note that the mandatory TIN information is applicable
Offices Closed to the Public
The International Tax Authority would like to inform the public that due to the rise in Covid-19 cases in the Territory, effective from July 8th, 2021, our office will be closed to the public until further notice. Any information to be submitted including responses in relation to EOIR or Economic Substance should
BVIFars & Filing Update
The International Tax Authority (the “ITA”) wishes to extend its apology to Portal users, as over the last few weeks we have received queries concerning the BVIFars Portal. We are cognizant that this issue had affected some Portal users with respect to nil filings and XML uploads. Our Team had been working