The British Virgin Islands International Tax Authority (BVI ITA) provided an update regarding the US$185.00 portal registration fee. The BVI ITA stated that once its BVI Financial Account Reporting System (BVIFARS) payment system goes live, the BVI ITA will provide details about the process and options available for making payments.
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.
Entities which are already registered in BVIFARS may receive an automatic reminder that the annual fee is due. The BVI ITA asked these entities to continue to ignore the notification until it provides users an update on the payment process implementation.
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