The British Virgin Islands (BVI) International Tax Authority (ITA) announced scheduled interruptions to its BVI Financial Account Reporting system (BVIFARs). The reason for the disruptions is system changes to accommodate the Common Reporting Standard (CRS) version 2.0 schema.
Offline: December 31, 2020 through January 7, 2021.
Online: January 8, 2021 through January 13, 2021.
Potential access interruptions: January 16, 2021 – February 5, 2021.
Please note that if you do not complete outstanding CRS reporting in the BVI portal by January 13, 2021, you must use the version 2.0 schema.
Jurisdictions around the world will be updating their systems to accommodate the CRS version 2.0 schema so filers should check the target jurisdiction’s portal maintenance schedule to determine whether to use version 1.0 or 2.0 schema.
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.