British Virgin Islands: Fee implementation update for BVIFars portal
Annual fee for use of the BVI financial account reporting system (BVIFars) portal is on track for implementation in 2023
Annual fee for use of the BVI financial account reporting system (BVIFars) portal
The tax authority of the British Virgin Islands on 24 May 2023 announced that the annual fee for use of the BVI financial account reporting system (BVIFars) portal is on track for implementation in 2023.
Once the portal is live, the tax authority will provide additional details on the process for making payment through the portal and the available options for payment.
Financial institutions already enrolled in the portal need to disregard the automatic reminder regarding the annual fee and wait for the next update.
The tax authority further issued a reminder that all entities with reporting obligations are required to enroll in the BVIFars portal to satisfy their respective obligations for the common reporting standard (CRS), FATCA and country-by-country (CbC) reporting.
Read a May 2023 report [PDF 199 KB] prepared by the KPMG member firm in the British Virgin Islands
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