Key updates include:

• CRS additional information form: FIs and NFRIs are required to provide additional information to the BVI International Tax Authority (ITA) via the BVIFARS portal by completing an additional form on the BVIFARS portal. These forms will be used to assess an entity’s compliance with its CRS obligations.

There are different versions for FIs and NFRIs. FIs must provide extensive details on financial accounts maintained by the FI, its organisational processes and CRS-related systems and procedures, while NFRIs must disclose changes in its activities or structure that may affect their reporting obligations.

The form for FIs also includes specific questions about the FIs CRS compliance training programmes, offering an opportunity to demonstrate commitment to robust internal compliance measures.

The annual filing deadline, as outlined by the ITA, is nine months from the end of each financial period. For the 2024 reporting period, this means submissions must be completed by 30 September 2025. Late submissions will incur penalties.

• Risk ratings: FIs will be assigned risk ratings (low, medium, or high) based on their submissions and other data available to the ITA. Higher-risk entities may face desk-based or onsite inspections to ensure compliance with CRS standards.
• Updated policies: FIs must update their CRS policies and procedures to reflect the new reporting obligations. Failure to establish or maintain these policies could result in administrative fines or other enforcement actions.

These changes aim to enhance transparency and ensure adherence to global tax compliance standards. FIs and NFRIs are urged to act promptly to meet the deadline and avoid penalties.

The BVI ITA’s guide to completing the additional information forms can be found here and the press release here.

Our previous blog post provides more detailed on this matter and can be found here