The International Tax Authority extends a sincere thank you to all entities with reporting obligations under the Common Reporting Standards (CRS) that have taken the initiative to update their CRS entity classification in the BVI Fars portal.
The International Tax Authority is excited to announce several upcoming seminars dedicated to assisting persons navigating the reporting obligations under the Common Reporting Standards.
BVIFARs users who have a reporting obligation under the Common Reporting Standards (“CRS”) are being asked to ensure that they have accurate and up-to-date information in the portal.
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:
Topic: International Tax, Taxation | Posted By: rmaduro
Friday, 26 May 2023 - 3:35pm
It’s been a while since we announced the new annual fee for Financial Institutions (FI’s) enrolled in the BVI Fars portal, however, we’re still on track for 2023.
Topic: International Tax, Taxation | Posted By: rmaduro
Friday, 26 May 2023 - 3:11pm
On December 30th, 2022, the United States Internal Revenue Service (“IRS”) released Notice 2023-11 (the “2023 Notice”) for foreign financial institutions (“FFI”) in jurisdictions with a Model 1 Intergovernmental Agreement (“IGA”) in place.
The International Tax Authority is informing all Financial Institutions that effective November 7th, 2022 all requests relating to Economic Substance such as re-openings, financial period change requests and responses to non-relevant activity should be sent to the email address: Compliancerequests@bviita.vg.