Fees Coming Soon (2022-02-11)

Summary

This is a notice from the BVI International Tax Authority (ITA) announcing that it intends to introduce an annual fee for entities enrolled in the BVI Financial Account Reporting System (BVIFARS) portal. The fee is not yet in effect; the ITA states it will be implemented in the near future and further updates will be posted on its website.

• Proposed fee: An annual fee of $185 per entity enrolled in the BVIFARS portal is intended to be introduced.
• What the fee covers: Enrolment in the portal, review and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
• Reminder of existing duty: All relevant entities with reporting obligations under CRS, FATCA, and Country by Country Reporting (CbCr) must enrol in the BVIFARS portal to meet those obligations.

No implementation date, invoicing mechanism, or payment deadline is specified in this notice; the ITA indicates it will publish further updates once the fee is implemented.

Key obligations

• Relevant entities with reporting obligations under CRS, FATCA, or CbCr must enrol in the BVIFARS portal to satisfy those obligations (existing requirement reiterated in this notice).

Applies to

relevant entities reporting under CRS, entities reporting under FATCA, entities reporting under Country-by-Country Reporting (CbCr), BVI Financial Institutions enrolled in the BVIFARS portal