International Tax Authority informs BVI Constituent Entities, that are part of Multinational Entity Group, that it will soon be ready to receive filings for CbC reporting.
The British Virgin Islands’ (BVI) International Tax Authority has announced that it will be ready to receive country-by-country (CbC) reports from BVI Constituent Entities from March 2020.
The International Tax Authority said in a February 24 release: “ITA wishes to inform BVI Constituent Entities, that are a part of a Multinational Entity (MNE) Group, that it will soon be ready to receive filings for CbC reporting…”
It added: “All Constituent Entities resident for tax purposes in the BVI are reminded that it must submit filings with the International Tax Authority.”
The ITA said that it will not receive CbC reports by email and reporting must be done via the electronic portal, BVI Financial Account Reporting System (BVIFARS) only.
It said that the electronic system is in its final stages of updates and it is intended for these updates to be completed soon with a view to going live during the first week of March 2020.