Fee Implementation Update (2023-05-24)

Summary

This is a short notice from the BVI International Tax Authority (ITA) updating financial institutions on the status of a new annual fee for entities enrolled in the BVIFARs portal. It confirms the fee remains on track for implementation in 2023 but that details of the payment process are not yet finalised.

• Fee status: The annual fee for Financial Institutions enrolled in the BVIFARs portal is still planned for 2023, with payment process details to follow once the portal function goes live.
• Existing reminders: FIs currently receiving automatic reminders that the annual fee is due should ignore these reminders until ITA issues a further update.
• Enrolment requirement: All relevant entities with FATCA, CRS or CbCr reporting obligations must enrol in the BVIFARs portal to satisfy those obligations, regardless of the fee implementation timing.

No new deadline or fee amount is set out in this notice itself; ITA states a further update will be issued closer to the implementation period.

Key obligations

• All relevant entities with FATCA, CRS or CbCr reporting obligations must enrol in the BVIFARs portal to satisfy those obligations.
• FIs already enrolled and receiving automatic fee-due reminders should disregard those reminders pending further ITA guidance.

Applies to

Financial Institutions (FIs), entities with FATCA reporting obligations, entities with CRS reporting obligations, entities with CbCr reporting obligations