BVI to soon accept country by country reports

The British Virgin Islands’ (BVI) International Tax Authority (ITA) will soon be ready to receive country-by-country (CbC) reports from BVI Constituent Entities.

In a February 24 press release, the ITA reminded all Constituent Entities resident for tax purposes in the BVI that they must submit filings with the tax authority.

Where more than one BVI Constituent entity is a part of the same MNE Group, each BVI Constituent Entity has an obligation to register individually with the ITA, however; it must also identify the name of the Reporting Entity and the tax residence of the reporting entity for the MNE Group that it is a part of.

The ITA said that it will not receive CbC reports by email. Reporting must be done via the electronic portal, BVI Financial Account Reporting System (BVIFARS) only. The electronic system is in its final stages of updates and it is intended for these updates to be completed soon with a view to going live during the first week of March 2020, the ITA said. 
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Constituent entities that have already registered with the ITA need not register again once the System becomes live. The registration confirmation and BVIFARs account number will be sent to the responsible person identified in the registration documents that were submitted to the ITA.