USER GUIDE

BVI FINANCIAL ACCOUNT REPORTING SYSTEM

Updated: March, 2020

Contact Us:
2nd Floor Omar Hodge Bldg.
Road Town, Tortola VG1110
Virgin Islands
Tel: 1 (284) 468 4415
Email: [email protected]
Table of Contents
Introduction ............................................................................................................................................................................... 2
Updated General Function of BVIFARS .......................................................................................................................... 3
Trustee Documented Trust (TDT) .................................................................................................................................. 10
BEPS: Country-By-Country Reporting .......................................................................................................................... 11

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Introduction

As of March, 2020 the BVI Financial Accounting Reporting System (BVIFARS) was upgraded
to accommodate the submission of Country-by-Country Reporting under BEPS. In addition
to allowing Country-by-Country Reporting, BVIFARS now allows portal users to make
changes to the Financial Institution’s Information including making changes to Primary
Users.
This handbook does NOT replace the original User Guide for BVIFARS. It must be used
supplementary to the BVIFARs User Guide which can be found at the following link:
https://bit.ly/BVIFARSUG

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Updated General Function of BVIFARS
1. Enrolment on BVI Financial Accounting Reporting System (BVIFARS)

1.1 Enrolment Form

1.1.1 The recent updates to BVIFARS have made some changes to the Enrolment
Application Form.

1.1.2 Complete the form by selecting those fields applicable to the Financial
Institution or in the case of CbCR, The Ultimate Parent Entity or the Surrogate
Parent Entity.

1.1.3 Once the enrolment has been submitted, a confirmation message will be
displayed.

1.1.4 An Email confirmation should be sent to the primary user’s email address
containing the login address, the username and a temporary password which
needs to be changed on first login.

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2. Updating information on the portal after enrolment
In addition to creating a change of reporting obligation, any changes made to primary users
or name change of financial institution can made through BVIFARS. Additionally, if the
financial institution requires de-registration this can also be completed through BVIFARS.
2.1. To notify of a change in Primary User

2.1.1 Navigate to the Create Filing screen using the menus at the top of the screen.
Select Manage Filings > Create Filings, as shown in the image below

2.1.2 Once on the Create Filing page select option, Primary User Change Notice

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2.1.3 After the file has been created, go to draft filing and select the recently created
file.

2.1.4 Click on Edit to edit the Primary User Information.

2.1.5 The Draft Version of the Form will show the current primary User Info by
default.

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2.1.6 The portal user can then complete the mandatory fields in the ‘New Primary’
User Section with the details of the new primary user. Two documents will be
required to be attached, to provide the International Tax Authority of the
user’s permissions to request a change of Primary user on behalf of the client.

2.1.7 Once the Form is completed and validated, the portal user will then be able to
submit the form manually at any time.

2.1.8 To submit filing, click on the Menu Button, then Submission and Submit Filing.

2.1.9 Click on Submit on the right-hand side of the filing name.

2.1.10 The application will be submitted to the International Tax Authority for
approval.

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2.2. To notify of de-registration

2.2.1 Select Manage filing > Creating filing

2.2.2 On the Create filing page, select option “Reporting Entity Deactivation”

2.2.3 Select Draft Filings and file recently created for Deactivating a Financial
Institution.

2.2.4 Click Edit

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2.2.5 Select Dissolution of Company or Partnership for Reason for Termination.

2.2.6 Enter a date for Reporting Entity Termination Date

2.2.7 The primary user must fill out the contact information section of the
Deactivation Application

2.2.8 Select Dissolution – certificate in drop-down menu

2.2.9 Upload evidence attachment

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 2.2.10 Tick the 3 checkboxes and click Validate & Save

2.2.11 Submit filing

Once filing has been submitted the application will be reviewed by the International Tax
Authority and approved accordingly. If the ITA has further questions on the application an
email will be sent to the Primary User. Please not that approval will NOT be granted until the
ITA is satisfied that the entity meets the requirements for deactivation and all filings have
been made (where applicable).

Important Note: If a BVI Financial Institution is no longer considered a financial institution

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Trustee Documented Trust (TDT)
With the recent update to BVIFARS, TDTs can now register and be identified seperately from
their Trustees.
Complete the enrolment form accordingly:

When filling out the registration form for TDTs, please input the name of the Trustee and
input the Trustee’s FI Number in the Identification Number (issued by Tax Authority)
section.
Important Note: For TDTs already registered with BVIFARS submit a change of reporting
entity information indicating the Reporting Entity Type as “Trustee Documented Trust”
Important Note: As a TDT is considered a Non-Reporting Financial Information, on the
registration form, the user should choose “Yes” in response to the question “CRS Non-
Reporting Entity?”

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BEPS: Country-By-Country Reporting
Important Note: Enrolment in BVIFARs is only for Ultimate Parent Entities and Surrograte
Parent entities who have a reporting obligation. Notification of Entities that are constituent
entities of a MNE Group must continue to be sent following the procedure outlined in the
guidance notes.
To submit data to the International Tax Authority, you must first create a filing:
1. select Manage Filings > Create Filing from the main menu within the portal.

2. Enter a name for the filing.

3. CbC XML Upload Filing as the filing type should then be selected and a period end date
should then be selected.

Note: The period end date is the last day of the reporting period. For CbC Reporting this must
be the last day of the Reporting Fiscal Year and the year must be equal to the year being
reported for.

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 4. As per other filing types, once the CbCR filing has been created, it should be available
within the Draft Filings section. Simply click the name of the filing to access it.

Note: It is not possible to edit any part of the filing manually. Data must be supplied in an
XML data file compliant with the CbC XML schema v.1.0 specification as published by the
OECD.

5. Click the Upload Data button on the right-hand side.

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 6. Browse for xml file and upload

The system will begin validation of your file immediately against the OECD CbC XML schema
and business rules.

If the filer has uploaded a file that is not an XML file, he/she will see an error message on the
Upload Data page informing you of that error.

If the filer does not receive any error message on the Upload XML page, the file will be
submitted for processing and additional validation will be applied.

The filer should then receive a system-generated email when the processing is complete,
indicating either the submission was successful, or that the submission was unsuccessful and
that the file must be updated and resubmitted.

Important Note: For Entities that are already registered for CRS or FATCA and need to
update their reporting obligations to include CbCr, you may do this by contacting the ITA via
email address [email protected]. Please caption the email as “Update Reporting Obligation to
include CbCR”, in this email we are only asking you to indicate to add CBCr reporting, no
further information will be needed as all other information is within the system.

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