Effective September 1, 2022, each entity enrolled in the BVI Financial Account Reporting System (BVIFARS) will be required to pay an annual fee of $185.
This is according to a recent media release from the Ministry of Finance which was published on Friday February 11.
The ministry said the decision stems from the International Tax Authority (ITA) which is introducing the new fees.
According to the ITA the fees will cover “enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.”
The entities enrolled in the BVIFARS are those which are required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting (CbCr).
The ministry also issued a reminder to all relevant entities with reporting obligations that they are required to enroll in the BVIFARS portal to satisfy their respective obligations in relation to FATCA, CRS and CbCr.