British Virgin Islands: BVIFars portal expected to go live by end of first quarter of 2023
Tax authority will provide additional details on the process for paying the annual fee to use the portal and the available options for payment.
Expected to go live by end of first quarter of 2023
The tax authority of the British Virgin Islands on 27 October 2022 announced that the BVI financial account reporting system (BVIFars) portal is expected to go live by the end of the first quarter of 2023.
All entities with reporting obligations are required to enroll in the BVIFars portal in order to satisfy their respective obligations for common reporting standard (CRS), FATCA and country-by-country (CbC) reporting.
Once the portal is live, the tax authority will provide additional details on the process for paying the annual fee to use the portal and the available options for payment. The annual fee will cover charges for enrollment in the portal, review and transmission of reporting submissions to partner jurisdictions, support and maintenance.
Read a November 2022 report [PDF 158 KB] prepared by the KPMG member firm in the British Virgin Islands
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