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  4. Mandatory annual fee and reporting procedures for FATCA, CRS, and CbCr in the BVI

Mandatory annual fee and reporting procedures for FATCA, CRS, and CbCr in the BVI

14 Feb 2024
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On 6 December 2023, The BVI International Tax Authority (ITA) announced that the BVI Financial Accounting Reporting System (BVIFARS) payment portal will go live in January 2024 and entities subject to reporting obligations concerning the United States Foreign Account Tax Compliance Act (FATCA), the Organisation for Economic Co-operation and Development (OECD), the Common Reporting Standards (CRS), and Country by Country Reporting (CbCr) under British Virgin Islands law are required to remit an annual fee of US$185.

This fee facilitates access to the BVIFARS portal for the submission of FATCA, CRS, and CbCr reports.

The deadline for payment of the fee is 1 June 2024 and payment must be completed by 1 June of each subsequent year using the BVIFARS portal.

Entities that have valid pending de-registrations in the BVIFARS portal prior to January 2024 are exempted from payment.

The BVI ITA’s Notice can be found here.

Authors
Aki Corsoni-Husain
Partner | Funds & Regulatory | London
Joshua Mangeot Harneys front portrait image on a grey background
Joshua Mangeot
Partner | Funds & Regulatory | British Virgin Islands
Mirza Manraj Harneys front portrait image on a grey background
Mirza Manraj
Counsel | Funds & Regulatory | Hong Kong