The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs) when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once the system is back online although they may be subject to penalties for not complying with the final extended deadline of September 1, 2017.
About the Author
Adam Rivera is a member of the Regulatory Analysis Team's Direct Tax division at Sovos. His main areas of focus are Federal and State Tax Withholding and Affordable Care Act (ACA) Reporting. Prior to Sovos, Adam worked as a legislative aide in the Florida House of Representatives. He also has experience in securities law, focusing on securities litigation and researching emerging crowdfunding methods of raising capital. Adam is a member of both the Massachusetts and Florida Bars. He earned his B.A. from the University of Florida and his J.D. from the University of Miami.More Content by Adam Rivera