The British Virgin Islands International Tax Authority (BVI ITA) previously announced its BVI Financial Account Reporting System (BVIFARS) payment system would go live in January 2024. However, it has not been activated to date. On March 5, 2024, the BVI ITA provided an update:
“[D]ue to unforeseen circumstances, the deployment of the payment module has been delayed. In the meantime, we kindly ask that you continue to fulfill your filing obligations as usual and disregard any payment notifications until further notice. We are aware that some portal users have attempted to use the payment option, but please be advised that it is not yet enabled. Once the payment component is Live, the ITA will provide a user guide that outlines how payment will be made.
We appreciate your patience and understanding during this time.”
Fee Details
Once live, the US$185.00 portal registration fee must be paid through the BVIFARS portal. It is an annual fee which must be paid by June 1 of each subsequent year.
Who Does the Fee Apply to?
The fee will be charged for each entity which is required under BVI law to register in BVIFARS. Entities register in BVIFARS to comply with BVI reporting under the Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting (CbCr). The US$185.00 fee will cover registration in the BVIFARS portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
Payment Process
The BVIFARS portal will accept payment through:
Direct Debits
Credit Cards (Visa/MasterCard)
ATH Debit Cards
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.
Comments