British Virgin Islands: Updated user guide | KPMG | GLOBAL
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British Virgin Islands: Updated user guide, financial account reporting

British Virgin Islands: Updated user guide

The International Tax Authority (ITA) of the British Virgin Islands in February 2017 issued an updated version of the user guide on BVI Financial Account Reporting System (BVIFARS) to reflect changes to the BVIFARS portal and the reporting schema, in accordance with the updated FATCA XML Schema v2.0 released by the IRS.


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Beginning January 2017, financial institutions are directed to submit their returns using the revised v2.0 schema in BVIFARS. Further, any draft returns (i.e., not in a status of “accepted”) prepared using the previous schema would need to be deleted, and submitted again using the updated schema.


Read a February 2017 report [PDF 62 KB] prepared by the KPMG member firm in the British Virgin Islands

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