BVIFARS Online: For version 2.0 XML Schema filings (2021-02-12)

Summary

This is a notice from the BVI International Tax Authority (ITA) confirming that the BVIFARS online portal is accessible for filings using the OECD version 2.0 XML Schema, and reminding Virgin Islands Financial Institutions (VIFIs) and Constituent Entities of upcoming filing deadlines.

• FATCA and CRS filings: Deadline is 31 May 2021.
• Country by Country reporting (CbCr): Deadline is no later than 12 months after the last day of the reporting fiscal year of the MNE Group.
• Schema requirement: All filings and reporting obligations must be made using the OECD version 2.0 XML Schema; the portal will no longer accept version 1.0 XML Schema filings, and non-compliant submissions may receive a failed schema message.

The notice also directs filers to OECD user guides for CRS and CbC reporting and provides ITA contact details for questions.

Key obligations

• VIFIs and Constituent Entities must submit FATCA and CRS filings via BVIFARS by 31 May 2021.
• VIFIs and Constituent Entities must submit Country-by-Country reports no later than 12 months after the last day of the reporting fiscal year of the MNE Group.
• All filings must use the OECD version 2.0 XML Schema; version 1.0 XML Schema filings will not be accepted.

Applies to

Virgin Islands Financial Institutions (VIFIs), Constituent Entities

Deadlines

• 31 May 2021: Deadline for FATCA and CRS filings via BVIFARS.
• no later than 12 months after the last day of the reporting fiscal year of the MNE Group: Deadline for Country-by-Country reporting (CbCr) filings.