- Elizabeth A. McMorrow
BVI FATCA/CRS Registration Fee Update
On February 11, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced it will be establishing a registration fee of US$185.00 effective September 1, 2022. On May 18, 2022, the BVI ITA issued a Bulletin to inform entities the portal fee will be implemented later this year and not September 1, 2022, as previously announced.
The fee will be charged for each entity which is required under BVI law to register in the BVI Financial Account Reporting System (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.
The BVI ITA will issue an official notice at a subsequent date to advise portal users when the fee will commence.
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.