Almost there! Fee implementation Update (2022-10-27)

Summary

This is a short notice from the BVI International Tax Authority (ITA) giving an update on the timeline for implementing fees for the BVIFARs portal, the web based system used for FATCA, CRS and CbCR reporting. It does not itself impose the fee or set the fee amount, but confirms that fee implementation is proceeding and reminds entities of their existing enrolment obligations.

• Timing: The portal fee implementation is on track for 2023, with the portal now expected to go live before the end of the first quarter of 2023 (a slight shift from the previous deadline).
• What the fee covers: The intended fee will cover enrolment in the portal, review and transmission of reporting submissions to partner jurisdictions, and related support and maintenance.
• Future details: Once the portal goes live, further details on the payment process and payment options will be provided, with a further update to follow closer to the implementation period.
• Existing obligation reiterated: All relevant entities with reporting obligations under FATCA, CRS and CbCR are reminded that they are required to enrol in the BVIFARs portal to satisfy those obligations.

No fee amounts, payment deadlines, or enforcement details are set out in this notice; it is an informational update pending further ITA communications.

Key obligations

• All relevant entities with reporting obligations under FATCA, CRS and CbCR must enrol in the BVIFARs portal to satisfy those obligations.

Applies to

BVI Financial Institutions, entities with FATCA, CRS and CbCR reporting obligations

Deadlines

• before the end of the 1st quarter 2023: Expected go live date for the BVIFARs portal fee implementation