BVI Mandatory FATCA/CRS Portal Payment Finally Live

The previously announced British Virgin Islands International Tax Authority (BVI ITA) Financial Account Reporting System (BVIFARS) payment system is finally live. The US$185.00 portal fee must be paid by June 1 annually through the BVIFARS portal.

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

To obtain specific details, click to read the BVIFars payment user guide which has been issued by the BVI ITA.

For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.