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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| BVI Government Welcomes IMF Decision On Offshore Financial Centres |
by Amanda Banks, Tax-News.com, London
Thursday, August 07, 2008
The BVI Government has welcomed the recent International Monetary Fund (IMF) decision
to halt its discrimination between onshore and offshore financial centres.
Announcing last month that "the distinction between OFCs and other financially
active jurisdictions has been blurred by globalisation," the IMF has combined
its assessment programs for OFCs and its broader FSAP program.
Applauding the decision, the BVI International Finance Centre (BVIIFC) says
that it will create a more level playing field on which financial centres will
be judged based on their regulatory standards rather than geographic location
or size.
According to a comment released by the BVI Government Information Service,
the traditional distinction between onshore and offshore financial centres meant
that territories such as the BVI with significant offshore financial activity
were unfairly stigmatised and often regarded as tax havens that support tax
evasion, money laundering and other illicit financial activities.
Executive Director of the BVIIFC Mrs. Lorna Smith said: "We have long
made the point that it is not a question of onshore or offshore, it is a question
of sound or weak regulation and we are delighted that the IMF has recognised
this."
In a statement announcing its decision, the IMF acknowledged that globalisation
has "increased the range of cross-border transactions and intermediation
in many countries, as well as by the active efforts of a number of countries
to build or promote offshore business."
The BVIIFC Executive Director assured that there are strict regulations in
place guiding the operation of the financial sector in the Territory.
"We have a robust regulatory system and, as the recent IPOC case proves,
we will take action if there is non-compliance," Mrs. Smith told the Department
of Information and Public Relations.
The IMF also revealed plans to adopt a more standardised surveillance of the
financial sector. In making its recent announcement, the IMF conceded that "adopting
a unified approach would blunt concerns that jurisdictions are being unduly
targeted, while also underscoring the expectation that offshore financial centres
should meet commonly agreed international standards."
The BVIIFC is now hoping that other international organisations will emulate
the example of the IMF.
"We hope that the IMF's recognition that this distinction should end will
now extend to other international bodies and regulatory organisations,"
Smith said.
The BVIIFC is responsible for the marketing and promotion of the BVI's financial
services industry. It is also responsible for managing the reputation of the
BVI as a finance jurisdiction.
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