BVI Financial Accounting Reporting System to receive 'Country by Country Reporting'
Filings for Country by Country Reporting by BVI Constituent Entities is set to commence in the upcoming weeks through the BVI Financial Accounting Reporting System (BVIFARS) which is in its final stages of updates
A media release from the International Tax Authority said it was informing all BVI Constituent Entities of the upcoming filing, as the reporting system is set to go live by next week.
“All Constituent Entities resident for tax purposes in the BVI whether it is the Ultimate Parent Entity (UPE) or the Surrogate Parent Entity (SPE) or some other BVI entity that qualifies as a Constituent Entity and is a part of an MNE (Multinational Entity) Group and is the reporting entity of the MNE Group, are reminded that it must submit filings with the International Tax Authority (ITA),” the release stated.
“It should be noted that 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,” it added.
No emails allowed/ filing only through portal
The aforementioned media release also stressed that the ITA will not be receiving Country by Country Reports via email, instead, all reporting will be done only through the BVIFARS electronic portal.
This is the first time that the electronic portal will be receiving Country by Country Reporting, as the BVIFARS had to undergo a series of updates to accommodate the feature. However, preregistered BVI Constituent Entities will not be required to re-register to make their filing.
“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,” the release added.
The filing dates have not yet been revealed, but are expected to be announced by the International Tax Authority in the near future.