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| BVI Makes OECD White List |
by Amanda Banks, Tax-News.com, London
Monday, August 17, 2009
The British Virgin Islands has signed its 12th Tax Information Exchange Agreement (TIEA)
after concluding an agreement with New Zealand.
The signing, which took place on August 13, means that the BVI will now be placed
on the “white list” of those countries which have “substantially
implemented” the internationally agreed tax standard as set by the Organization
for Economic Cooperation and Development (OECD).
After signing the agreement on behalf of the BVI at the New Zealand Embassy in Washington, Premier Ralph O’Neal
said: “The conclusion of this TIEA demonstrates the commitment of both
the BVI and the New Zealand governments to the OECD principles of transparency
and effective exchange of information. We are delighted that, in signing this
TIEA with New Zealand today, we are now on the OECD’s white list."
He added: “The BVI is committed to cooperation and collaboration through these
agreements. Today’s agreement is very much part of an ongoing process.
We hope to sign our 13th TIEA with the Netherlands in the very near future and
are in discussion with Ireland as well.”
The BVI signed its first TIEA with the United States seven years
ago and has engaged in talks with a number of countries since that time. In
addition to the US, it currently has agreements with the United Kingdom, Australia,
France and the Nordic Alliance including Denmark, Finland, Iceland, Norway and
Sweden. In addition, all members of the OECD have been approached and the BVI
aims to conclude more agreements over the coming months.
The BVI’s move to the OECD white list means that it now
joins the likes of the United States, the United Kingdom, France, Germany and
Canada among the group of countries which have substantially implemented the
internationally agreed tax standard.
In addition to the BVI, four other jurisdictions have been elevated from the
OECD’s’ gray list of countries which have committed to, but not
yet implemented, the tax standard since the lists were published after the G20
London Summit concluded on April 2. These jurisdictions include Bahrain, Belgium, Bermuda
and Luxembourg.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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