BVIFars & Filing Update (2021-04-20)

Summary

This is a notice from the BVI International Tax Authority (ITA) addressing technical problems with the BVIFars Portal that affected nil filings and XML uploads, confirming the issue has been resolved, and announcing extended filing deadlines for CRS, FATCA and Country-by-Country reporting (CBCr).

• Portal issue: The ITA apologises for technical problems affecting nil filings and XML uploads on the BVIFars Portal and confirms the issue has now been resolved, so filers can resume submissions.
• CRS and FATCA deadline: For all Virgin Islands Financial Institutions (VIFIs), the CRS and FATCA filing deadline, originally 31 May 2021, is extended to 30 June 2021.
• CBCr deadline for Constituent Entities: Constituent Entities must file CBCr no later than 12 months after the last day of the reporting fiscal year of the MNE Group; where reporting is currently due based on that fiscal year, the deadline is also extended to 30 June 2021.

Key obligations

• Virgin Islands Financial Institutions must submit CRS and FATCA filings via the BVIFars Portal by the extended deadline of 30 June 2021.
• Constituent Entities must submit Country-by-Country reporting (CBCr) no later than 12 months after the last day of the reporting fiscal year of the MNE Group, with a temporary extension to 30 June 2021 for those currently due.

Applies to

Virgin Islands Financial Institutions (VIFIs), Constituent Entities

Deadlines

• 31 May 2021: Original CRS and FATCA filing deadline for VIFIs (now superseded).
• 30 June 2021: Extended CRS and FATCA reporting deadline for VIFIs.
• 12 months after the last day of the reporting fiscal year of the MNE Group: General filing deadline for Constituent Entities' CBCr reporting.
• 30 June 2021: Extended CBCr reporting deadline for Constituent Entities whose reporting is currently due based on the MNE Group's fiscal year.