British Virgin Islands: CRS categorization update in BVIFARS portal
Classifications made before 2020
Classifications made before 2020
The International Tax Authority (ITA) of the British Virgin Islands (BVI) on 12 March 2024 announced that entities that updated their common reporting standard (CRS) entity classification before 2020 are required to revisit the BVI financial account reporting system (BVIFARS) portal and update it once more due to a recent update to the portal. This applies only to classifications made before 2020.
Entities that are unsure of their CRS classification status, or those that never included it, can review their status on the BVIFARS portal for compliance with regulatory standards. Any updates to the reporting entity type and CRS entity classification can be made by completing a change of reporting obligation filing by referring to the process listed in Section 1.3.1 of the BVIFARS user guide.
Read a March 2024 report [PDF 198 KB] prepared by the KPMG member firm in the British Virgin Islands
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