Country-by-Country Reporting
The BVI International Tax Authority (the "ITA") has
recently announced1 that the British Virgin Islands
Financial Account Reporting System ("BVIFARS") is in the
process of being updated to accommodate the Country-by-Country
Reporting ("CbCR") regime.
As a result, the registration deadline for BVI 'Constituent
Entities' has been extended. All Constituent Entities should
continue to register via email with the ITA in accordance with the
CbCR guidance notes and a further press release will be issued to
inform BVI Constituent Entities when the BVIFARS is ready and
thereafter when email registrations will come to an end.
Common Reporting Standards
The ITA has also confirmed that the registration deadline for
non-reporting BVI financial institutions
("Non-Reporting FIs") for CRS has also been extended and
a further press release will be issued to inform Non-Reporting FIs
when the BVIFARs will be ready to accept registration
