Local Filings (2023-10-31)

Summary

This is a notice from the BVI International Tax Authority (ITA) explaining a new process created under the International Tax Authority (Amendment) Act, 2023, allowing local companies to apply directly to the ITA for a certificate of exclusion from economic substance and other reporting obligations.

• Who qualifies: A local company means any company or limited partnership resident for tax purposes in the Virgin Islands, meaning it can demonstrate to the ITA that it has no tax liabilities arising outside the Virgin Islands, and that receives a certificate of exclusion under section 27.
• What must be done: Qualifying companies must submit an application and upload supporting documents via the ITA's online local filing application portal.
• Effect of certificate: Once issued, the certificate confirms the company's exclusion from reporting obligations under the Mutual Legal Assistance Legislation, including economic substance reporting.
• Contact: Queries can be directed to localfilings@bviita.vg.

The notice is informational in nature, announcing an available application route rather than imposing new substantive filing deadlines, but companies that consider themselves local companies must proactively apply to obtain exclusion.

Key obligations

• Local companies (resident for tax purposes in the Virgin Islands with no tax liabilities arising outside the Virgin Islands) seeking exclusion must apply directly to the ITA and upload the relevant supporting documents via the online local filing application portal to obtain a certificate of exclusion.

Applies to

local companies, limited partnerships resident for tax purposes in the Virgin Islands