The BVI International Tax Authority (the "ITA") has announced that the BVI Financial Account Reporting System ("BVIFARs") is back online (effective as of 1 September 2020).
BVIFARs was updated earlier this year to accommodate BEPS Action 13 and facilitate Country-by-Country Reporting ("CbCR") in the British Virgin Islands.
The ITA has indicated that BVI reporting entities that have been unable to submit CbCR filings during the time through which BVIFARs was not yet updated to support CbCR reporting will now be allowed to do so up until 15 October 2020.
The ITA has also confirmed that, where FATCA / CRS filing extensions have previously been granted to Virgin Islands Financial Institutions ("VIFI"), such filings must now be submitted to the ITA by no later than 30 September 2020.
BVIFARs, along with the ITA's other online FATCA, CRS and CbCR resources, is now accessible online at the ITA's new website: bviita.vg.