BVI extends FATCA and CRS reporting deadlines due to COVID-19 and reporting issues with the BVIFARs portal

In light of the COVID-19 pandemic the BVI International Tax Authority (ITA) has extended the deadlines for BVI Financial Institutions (BVI FIs) to report under FATCA and the Common Reporting Standard (CRS) as follows:

• For FATCA, the deadline for enrolments is now on 31 July 2020, and for filings it is 31 August 2020.
• For CRS, the deadline for enrolments is now on 30 June 2020 and for filings it is 31 July 2020.

Further, where a BVI FI cannot meet the timetable above it may apply to the ITA to request an extension giving reasons. Extension applications will be assessed by the ITA on a case-by-case basis.

Background

On 18 March, the ITA activated its business continuity plan (BCP) in response to the COVID-19 pandemic. The extension on 20 April follows notification given to the ITA from the US Internal Revenue Service that FATCA deadlines were being extended more broadly.

Issues with the BVIFARS portal

The ITA has also noted that they have been advised of issues with the BVIFARs Portal. If a BVI FI is experiencing issues with the portal, it is requested to send an email to info@bviita.vg containing screenshots and an explanation of the problem to the ITA. The subject of the email should be “BVIFARs Filing Concern”. The ITA has confirmed that a BVI FI will not be penalized for late filing where the filing is late due to an issue with the BVIFARs portal.

More information on the ITA’s alert can be found here.

A copy of the press release in relation to the BCP can be found here.