BVI FARS Payment Update (2024-03-05)

Summary

This is a short notice from the BVI International Tax Authority (ITA) updating BVI Financial Institutions on the status of the payment module within the BVI FARS (Financial Account Reporting System) portal. The payment component, originally planned to go live in January 2024, has been delayed due to unforeseen circumstances.

• Payment module delayed: The FARS portal payment function is not yet enabled, despite an earlier target of going live in January 2024.
• Continue filing as usual: Financial Institutions should keep meeting their normal FATCA, UK CDOT and CRS filing obligations through the portal.
• Ignore payment prompts: Users are asked to disregard any payment notifications generated by the portal until further notice.
• Future user guide: Once the payment component becomes live, the ITA will issue a user guide explaining how payments are to be made.

This is an informational status update rather than a rule change; it does not alter existing FATCA, UK CDOT or CRS filing deadlines or requirements, and imposes no new payment obligation at this time.

Key obligations

• BVI Financial Institutions must continue to fulfil their FARS filing obligations as usual despite the payment module delay.
• Users should disregard any payment notifications appearing in the BVI FARS portal until the ITA announces the payment component is live.

Applies to

BVI Financial Institutions