THE BVI FARS PAYMENT UPDATE (2024-05-22)

Summary

This is a short notice from the BVI International Tax Authority (ITA) about the BVIFARS portal, the web based system used by BVI Financial Institutions to meet their FATCA, UK CDOT and CRS reporting obligations. It informs users that the portal's payment feature is not yet active and that the associated payment deadline currently does not apply.

• Payment feature: The payment function of the BVIFars portal is NOT YET active, so the current payment deadline is not applicable.
• Filing obligations: Users must still continue to meet their filing obligations by the applicable deadline, separate from payment.
• System notifications: Users should disregard system generated payment notifications until further notice.
• Future guidance: A user guide explaining the payment process will be issued once the payment feature becomes operational.

Key obligations

• BVI Financial Institutions must continue to fulfil their FATCA, UK CDOT and CRS filing obligations by the applicable filing deadline despite the payment feature being inactive.
• Users should disregard system generated payment notifications until the ITA issues further notice.

Applies to

BVI Financial Institutions, BVIFars portal users