18 February 2022
The British Virgin Islands International Tax Authority (ITA) issued a notice on 11 February 2022 announcing that effective 1 September 2022, the ITA intends to introduce an annual fee of USD 185 for entities enrolled in the BVIFars Portal, which is used for FATCA, CRS, and CbC reporting.
The International Tax Authority is informing all relevant entities who are required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA), and Country-by-Country Reporting (CbCr) that Effective September 1, 2022, the International Tax Authority intends to introduce in reference to each entity enrolled in the BVIFARS Portal an annual fee of $185.
As a reminder, all relevant entities with reporting obligations are required to enrol in the BVIFARS portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr.
The intended fee covers enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
Further updates on the implementation of this fee will be posted here on our website.
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