Announcement of deployment of payment module on BVIFARS portal, which was initially scheduled for January 2024
The tax authority of the British Virgin Islands (BVI) on April 8, 2025, announced the deployment of payment module on the BVIFARS portal, which was initially scheduled for January 2024. Read TaxNewsFlash
Reporting financial institutions under FATCA and common reporting standard (CRS) are reminded to enroll in the BVIFARS portal to comply with their reporting obligations. Notably, to retain access to the portal, all enrolled reporting financial institutions must pay an annual fee of $185 by June 1 each year.
New CRS form
The BVI tax authority also announced the availability of the new CRS additional information form on the BVIFARS portal. In addition, the filing guide has been issued, noting that both reporting financial institutions and non-reporting financial institutions are required to complete the new CRS form annually within nine months from the end of each financial period (December 31), with penalties for late filings. Entities seeking extensions to this deadline must contact the tax authority compliance team at compliance@bviita.vg.
Read an April 2025 report prepared by the KPMG member firm in the British Virgin Islands