In case you missed it, the International Tax Authority (ITA) of the British Virgin Islands (BVI) published a notice for any entities required to report under the Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA), and Country-by-Country Reporting (CbCr). Beginning September 1, 2022, entities required to report under these regimes and that are enrolled in the BVIFARS Portal will be subject to an annual fee of $185. The ITA intends for these fees to cover enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.