BVIFARS Offline: Update to Version 2.0 Schema (2020-12-29)

Summary

This is an operational notice from the BVI International Tax Authority (ITA) advising that the BVI Financial Account Reporting System (BVIFARS) will be taken offline for maintenance to implement the OECD's new version 2.0 reporting schema. It sets out a schedule of system outages and a deadline for completing filings under the old schema before the switch to version 2.0.

• System downtime: BVIFARS will be offline and inaccessible from 31 December 2020 to 7 January 2021.
• Temporary access window: The system will return online and be accessible from 8 January 2021 to 13 January 2021.
• Deadline to complete filings: Reporting entities and constituent entities must ensure all reporting obligations are fulfilled on or before 13 January 2021.
• Schema transition: Filings not completed by 13 January 2021 in version 1.0 schema, and any filings submitted after that date, must be submitted using the version 2.0 schema.
• Further scheduled downtime: BVIFARS will undergo further configuration for the version 2.0 schema between 16 January 2021 and 5 February 2021, during which interruptions may occur.

The notice is administrative in nature and relates to FATCA, UK CDOT and CRS reporting obligations submitted through the BVIFARS portal; it does not change substantive reporting requirements beyond the schema format and filing windows described.

Key obligations

• Reporting entities and constituent entities must ensure all reporting obligations are fulfilled on or before 13 January 2021.
• Filings not completed by 13 January 2021 under version 1.0 schema, and any filings made after that date, must be submitted in accordance with the version 2.0 schema.

Applies to

reporting entities, constituent entities, BVI Financial Institutions

Deadlines

• 31 December 2020 to 7 January 2021: BVIFARS offline and inaccessible for maintenance.
• 8 January 2021 to 13 January 2021: BVIFARS accessible again for a limited window.
• 13 January 2021: Deadline for reporting entities and constituent entities to fulfil all reporting obligations before schema change; filings after this date must use version 2.0 schema.
• 16 January 2021 to 5 February 2021: BVIFARS undergoes further configuration for version 2.0 schema, with possible interruptions.