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| BVI Signs TIEAs With China And Ireland |
by Phillip Morton, Investors Offshore.com
Wednesday, December 09, 2009
The government of the British Virgin Islands (BVI) took a further step on December 7
to conclude Organization for Economic Cooperation and Development (OECD) model Tax Information Exchange Agreements (TIEAs), signing texts with
Ireland and China.
The agreements were signed by Premier and Minister of Finance, Ralph O’Neal, Ireland’s Ambassador to the United Kingdom, Bobby McDonagh, and Chinese
Deputy Commissioner of the State Administration of Taxation, Qian Guanlin. The
two agreements bring the territory's tally of such agreements to 17.
The TIEA allows the signing parties to request information from each other
that is relevant to a tax investigation. As provided in the agreement, such
information would typically relate to bank accounts or the beneficial ownership
of companies or trusts.
Commenting after the signing of the agreements, O’Neal remarked that
they were a significant milestone in bilateral cooperation between China and
the British Virgin Islands, and also with Ireland.
“The BVI has now signed 17 TIEAs with economically significant
parties, surpassing the international standard of 12 TIEAs set by the OECD and
demonstrating the territory’s continuing commitment to best practices,”
O’Neal noted.
To date, the BVI has signed TIEAs with China, Ireland, the Netherlands, the
Netherland Antilles, Aruba, the United States, the United Kingdom, Australia,
New Zealand, France and the Nordic council countries of Sweden, Norway, Finland,
Denmark, Iceland, the Faroes and Greenland.
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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