Portal Online - New TIN Update to BVIFARs Live (2022-02-24)

Summary

This is a short notice from the BVI International Tax Authority (ITA) announcing that the BVIFARs online reporting portal has been updated to support a new 'ISSUED BY' option for use where a US-reportable account holder does not have a Taxpayer Identification Number (TIN) but the account has a substantial US owner. It does not create new substantive rules but confirms a technical/system change relevant to FATCA reporting.

• What changed: The BVIFARs portal now allows Financial Institutions to report accounts lacking a TIN via the 'ISSUED BY' option in cases involving a substantial US owner.
• Who it affects: BVI Financial Institutions with FATCA reporting obligations that need to use the 'ISSUED BY' option.
• Reference material: FIs are directed to follow the reporting steps set out in the ITA's press release dated 21 February 2022 for using the 'ISSUED BY' option.
• Contact: Questions can be directed to the ITA by phone or email as listed in the notice.

Key obligations

• FIs using the 'ISSUED BY' option to report accounts without a TIN (where the account has a substantial US owner) must follow the reporting steps outlined in the ITA's 21 February 2022 press release.

Applies to

BVI Financial Institutions with FATCA reporting obligations