Notice From The International Tax Authority Update To Rules On Economic Substance
NOTICE FROM THE INTERNATIONAL TAX AUTHORITY UPDATE TO RULES ON ECONOMIC SUBSTANCE The latest update from the International Tax Authority regarding the
International Tax Authority (ITA) To Host Live Seminar For Custodial Entities
INTERNATIONAL TAX AUTHORITY (ITA) TO HOST LIVE SEMINAR FOR CUSTODIAL ENTITIES Are you a Custodial Entity subject to the reporting requirements
Establishment of Ad hoc Committees and Invitation for Expressions of Interest
Establishment of Ad hoc Committees and Invitation for Expressions of Interest The International Tax Authority is pleased to announce the establishment
Local Filings
The International Tax Authority (“ITA”) is informing the public that under the International Tax Authority (Amendment) Act, 2023 (“ITA Act”) local companies can now make an application of exclusion directly to the ITA. Under the ITA Act: “local company” means any company or limited partnership who is resident for tax purposes in
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