Mutual Legal Assistance (Tax Matters) (Fees) Order, 2024

Summary

This Order, made under the Mutual Legal Assistance (Tax Matters) Act, sets an annual fee for entities required to use the BVI Financial Account Reporting System (BVIFARS), which is used to meet reporting obligations such as CRS and FATCA. It establishes the fee amount, the payment deadline, and the consequence of late payment.

• Annual fee: A relevant entity (one required to be enrolled in BVIFARS) must pay the Authority an annual fee of $185.
• Due date: The annual fee is due and payable on or before 1 June each year.
• Late payment: A relevant entity that fails to pay by the due date is liable for a late payment fee as prescribed under paragraph 5 of the Schedule to the International Tax Authority (Administrative Penalties) Regulations, 2023, in addition to the annual fee.

Key obligations

• A relevant entity enrolled in BVIFARS must pay the Authority an annual fee of $185.
• The annual fee must be paid on or before 1 June in each year.
• A relevant entity that misses the payment deadline must also pay a late payment fee under the ITA Administrative Penalties Regulations, 2023.

Applies to

relevant entity (entities required to be enrolled in BVIFARS)

Deadlines

• on or before 1 June in each year: Annual BVIFARS fee of $185 due from each relevant entity