BVIFARS Offline: Update to Version 2.0 Schema (2021-02-05)

Summary

This is a short notice from the BVI International Tax Authority informing Financial Institutions and Constituent Entities that the BVIFARS online reporting portal remains offline for maintenance while it is updated to support the OECD's new version 2.0 schema. The ITA states it will issue a further update once the portal reopens.

• Portal status: BVIFARS remains offline for configuration work beyond the previously announced 5 February 2021 date mentioned in the 29 December 2020 notice.
• Schema change: Once the portal returns online, it will only accept filings in OECD version 2.0 schema format; version 1.0 filings will no longer be accepted.
• Next steps: The ITA will issue a further notice announcing when the portal reopens.

Key obligations

• Financial Institutions and Constituent Entities must ensure any BVIFARS reporting is compliant with the OECD version 2.0 schema once the Portal reopens, as version 1.0 filings will no longer be accepted.

Applies to

Virgin Islands Financial Institutions, Constituent Entities