On 11 February 2022, BVI’s International Tax Authority (ITA) announced its intention, effective 1 September 2022, to introduce an annual fee to each entity enrolled in the BVIFARS Portal who is required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA), and country-by-country reporting (CbCr).

The ITA also reminds all entities with reporting obligations that they are required to enrol in the BVIFARS portal to fulfil their respective obligations in relation to FATCA, CRS, and CbCr.

Any further updates on the implementation of the fee will be posted on the ITA’s website.

The ITA’s notice can be found here.