British Virgin Islands: Annual fee for FATCA, CRS, and country-by-country reporting portal

Introduction of annual fee for each entity enrolled in the BVI Financial Account Reporting System (BVIFars) portal

Annual fee for FATCA, CRS, and country-by-country reporting portal

The tax authority of the British Virgin Islands announced that it plans to introduce an annual fee effective 1 September 2022 for each entity enrolled in the BVI Financial Account Reporting System (BVIFars) portal, under the FATCA and common reporting standards (CRS) regimes, and country-by-country (CbC) reporting.

The tax authority issued a reminder that all entities with reporting obligations are required to enroll in the BVIFars portal to satisfy their respective obligations for FATCA, CRS, and CbC.

The annual fee covers charges for enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance. Any further updates related to implementation of the fee will be posted on the BVI website.

Read a February 2022 report [PDF 357 KB] prepared by the KPMG member firm in the British Virgin Islands

 

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