On 17 October 2023, the Council of the European Union removed the BVI from the EU list of non-cooperative jurisdictions for tax purposes (Annex I).
The BVI was placed on Annex I on 14 February 2023 despite legislative changes made by the BVI in January of the same year, which were not initially recognised by the then most recent OECD peer review rating. On 6 April 2023, the BVI was granted a supplementary review and it has now been removed from Annex I following amendments to its framework on exchange of information request. The BVI will be reassessed in accordance with the OECD standard and pending this reassessment has been included in the EU's state of play document (Annex II), which includes countries that cooperate with the EU and are committed to implementing reforms.
The removal of the BVI from Annex I is a sign of the OECD's recognition of the BVI as a jurisdiction that is cooperative and has made further improvements to its framework.
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