BVI Financial Institutions (BVIFIs) are informed that the BVI Financial Account Reporting System (BVIFARS) will be updated on Monday, June 19, 2017 to accommodate reporting under the Common Reporting Standards (CRS).

As a result of this update, the system will be unavailable on Monday, June 19 to facilitate same.

BVI Financial Institutions are reminded that the extended enrolment deadline for CRS is June 30, and the extended submissions reporting deadline for CRS is July 31.

BVI Financial Institutions with reporting obligations under the Inter-governmental Agreement between the Government of the United Kingdom and the Government of the British Virgin Islands (UK CDOT) are reminded that reporting to the UK should be prepared using the CRS XML Schema and submitted via the CRS filings in the system. 

The International Tax Authority (ITA) has also updated the BVIFARS User Guide in relation to CRS submissions and a copy of the updated User Guide, version 7.0, can be found on the website:  www.bvi.gov.vg/fatca.

For more information on reporting obligations or the ITA please visit the website:  www.bvi.gov.vg/ministry-finance-international-tax-authority or contactthe Authorityvia telephone at (284) 468 4415 or via email atbvifars@gov.vg or bviita@gov.vg.