The International Tax Authority of the British Virgin Islands on 27 April 2017 announced that the BVI Financial Account Reporting System (BVIFARS) would not be functional on 28 April 2017, as it is being updated to allow the BVI financial institutions to enroll for the common reporting standard (CRS).
Financial institutions that have an active account in BVIFARS for U.S. or UK reporting only need to update their reporting obligations by creating and submitting a “change of reporting obligations” filing.
The International Tax Authority also notified that the BVIFARS user guide has been updated.
Read an April 2017 report [PDF 68 KB] prepared by the KPMG member firm in the British Virgin Islands
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