Re: Update Of CRS Categorisation In The BVIFAR Portal (2024-03-12)

Summary

This is a notice from the BVI International Tax Authority asking entities with CRS reporting obligations to review and, where necessary, refresh their CRS entity classification in the BVIFARS portal following a recent portal update.

• Who must act: Entities that updated their CRS entity classification in the BVIFARS portal before 2020 are specifically asked to revisit the portal and re-update that classification.
• Uncertain or missing classification: Entities unsure of their current CRS entity classification, or that have never entered one, are encouraged to review and update their status in the portal.
• How to update: Updates are made by completing a change of reporting obligations filing, with instructions in section 1.3.1 of the BVIFARS user guide on the ITA website.

The notice is framed as a courtesy request to maintain accurate and up to date records rather than a formal legal directive, and it does not state a specific compliance deadline.

Key obligations

• Entities that updated their CRS entity classification in the BVIFARS portal before 2020 should revisit the portal and update their classification again.
• Entities uncertain about or missing their CRS entity classification should review and update their status in the BVIFARS portal.
• Entities updating their reporting entity type or CRS entity classification should do so via a change of reporting obligations filing per section 1.3.1 of the BVIFARS user guide.

Applies to

entities with reporting obligations under the Common Reporting Standards (CRS), BVI Financial Institutions