The BVI International Tax Authority ("ITA") has confirmed that the British Virgin Islands Financial Account Reporting System ("BVIFARS") has now been reopened following closures due to hurricanes Irma and Maria and is accepting both Common Reporting Standard ("CRS") and US Foreign Account Tax Compliance Act ("FATCA") filings. The portal can be accessed from the BVIFARS government website, where you will also find a copy of the updated user guide.
Financial institutions that have not submitted their filings for 2016 (which was due by the extended deadline of 1 September 2017) are now encouraged to do so immediately. These institutions may be subject to penalties, in accordance with section 21 of the Mutual Legal Assistance (Tax Matters) Act, 2003 as amended, for not complying with the deadline.
The ITA also recently published an updated list of CRS Reportable Jurisdictions for the 2017 reporting year. BVI Reporting Financial Institutions with account holders that are tax resident in any of these jurisdictions will be required to submit a 2017 CRS filing via BVIFARS for each relevant jurisdiction for which they have reportable accounts.
The upcoming FATCA and CRS deadlines for the 2017 reporting year in the BVI are as follows:
- FATCA enrolments - 1 April 2018
- CRS enrolments - 30 April 2018
- FATCA reporting - 31 May 2018
- CRS reporting - 31 May 2018