Partner John Gosling discusses the recent OECD rating on BVI's Tax Transparency.
The BVI has been rated as "largely compliant" by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes in its most recent report published in August 2015. The rating is the same as that enjoyed by major onshore jurisdictions such as the United States, the UK, Hong Kong and Singapore, as well as the international financial centres of the Cayman Islands, Jersey and Bermuda.
The BVI's Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE commented: "The BVI has been a pioneering global financial centre for over 30 years and this latest endorsement demonstrates how the jurisdiction continues to evolve and maintain its competitive advantage. We remain committed to engaging the OECD and our other international partners to help exceed and enhance international standards of tax transparency and regulation."
The BVI has to date entered into 27 Tax Information Exchange Agreements (TIEAs) with other jurisdictions, and is an early adopter of the new global standard on the automatic exchange of information. These actions have also been recognised by the governments of several G8 and G20 countries, and have met the standards set by other international organisations including the International Monetary Fund (IMF) and the Financial Action Task Force (FATF).
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the world's largest international tax group, with 127 members, and the preeminent organisation for ensuring the implementation of the internationally agreed standards of transparency and exchange of information. Through an in-depth peer review process, the Global Forum monitors its members implementation of those internationally agreed standards.
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