The International Tax Authority is informing all relevant entities who are required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA), and Country-by-Country Reporting (CbCr) that Effective September 1, 2022, the International Tax Authority intends to introduce in reference to each entity enrolled in the BVIFARS Portal an annual fee of $185.
As a reminder, all relevant entities with reporting obligations are required to enrol in the BVIFARS portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr.
The intended fee covers enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
Further updates on the implementation of this fee will be posted here on the website of The International Tax Authority.
Tax Identification Number (TIN) Update
The International Tax Authority (ITA) wishes to remind all Financial Institutions (FI’s) that mandatory TIN information in filings was implemented for 2020 reporting year and onwards. If a FI made a filing without a TIN, but rather, inserted any one of the IRS acceptable sequential codes such as 222222222, a record-level error notification would have been generated, however; the filing would be accepted by the IRS.
These codes give an indication to the IRS as to why a TIN was not reported in the filing. Where an error has been received by a FI, please note, corrections must be made within 120 days. Where an error was not corrected within 120 days, the IRS will not automatically find significant non-compliance, but rather, if the IRS makes contact with a FI, a FI should have in its possession documented attempts made to obtain any missing TIN from its filing(s).
Comments