The International Tax Authority (“ITA”) is informing the public that under the International Tax Authority (Amendment) Act, 2023 (“ITA Act”) local companies can now make an application of exclusion directly to the ITA. Under the ITA Act:
- “local company” means any company or limited partnership who is resident for tax purposes in the Virgin Islands and receives a certificate of exclusion from the Authority under section 27;
- “resident for tax purposes” means any company, entity or person who can demonstrate to the Authority that they have no tax liabilities arising outside of the Virgin Islands;”
Companies that fall into the category above are required to make the application and upload the relevant supporting documents at https://bviita.vg/local-filing-application/
A certificate will then be issued by the ITA, confirming exclusion from reporting obligations under the Mutual Legal Assistance Legislation (which includes reporting for economic substance).
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