British Virgin Islands: Reminders related to primary user update in BVIFars portal
Notice to financial institutions
Reminders related to primary user update
The tax authority of the British Virgin Islands on 8 September 2022 issued a notice to financial institutions with the following reminders:
- All financial institutions are required to provide details—such as the name and address of their principal point of contact—for the purpose of compliance.
- A financial institution can appoint an agent to carry out their duties and obligations imposed by the “Mutual Legal Assistance (Tax Matters) Act.” However, the agent cannot be appointed as the primary user in the BVI financial account reporting system (BVIFars) portal and is to be given secondary access on behalf of the financial institution. The secondary user privileges can be provided by the primary user within the portal. This is not required to be communicated to the tax authority.
- If the appointed primary user does not have a permanent position within the financial institution, then the primary user details are required to be updated within the BVIFars online portal by 31 December 2022. Any failure to update the information by the deadline will be considered an offence under the common reporting standard (CRS) legislation.
Read a September 2022 report [PDF 192 KB] prepared by the KPMG member firm in the British Virgin Islands
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