The BVI Financial Account Reporting System (BVIFars) payment portal is set to go live in January 2024.
The International Tax Authority (ITA) made the announcement on Wednesday, December 6, as it reminded all relevant entities with reporting obligations to enrol in the BVIFARS portal.
By enrolling, the ITA said it would satisfy the entities’ respective obligations to the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and Country-by-Country Reporting (CbCR).
When is the annual fee due?
Despite the January 2024 date for the portal to go live, the ITA says the deadline for payment of the annual $185 fee is June 1, 2024, and June 1 of each year thereafter, to ensure continued use of the portal.
Who is exempt from payments?
The ITA also provided information on the entities that will be exempt from payments, which include those that have valid pending de-registrations in the portal before January 2024.
How can payments be made?
Payments can be made via Direct Debits, Visa, ATH or Mastercard.