BVI's FATCA Reporting System Closed In January
by Mike Godfrey, Lowtax.net, Washington
26 December, 2016
The British Virgin Islands' Financial Account Reporting System (BVIFARS) will be down during January, the islands' International Tax Authority has said.
BVIFARS will be down for maintenance in January 2017. It is a web-based portal that provides a secure environment for the territory's financial institutions to satisfy their reporting obligations under the US Foreign Account Tax Compliance Act (FATCA) and the automatic exchange of tax information agreement between the United Kingdom and its Crown Dependencies and Overseas Territories.
Beginning January 2017, the US Internal Revenue Service (IRS) his to introduce a new standard format for making filings, FATCA XML Schema version 2.0, which will replace the current format version 1.1, and that FATCA Notification XML Schema version 2.3 will replace version 2.2.
All filings must be submitted in accordance with the updated version of the Schema from 2017 onward, as the earlier versions will no longer be supported.
A copy of the updated FATCA XML Schema can be found on the IRS's website.
The International Tax Authority has encouraged the territory's financial institutions to submit any new or draft filings they have pending in BVIFARS before December 29, 2016, to avoid having to re-create those filings under the updated Schema.
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