Study commends VI’s tax transparency efforts
The Virgin Islands was rated “largely compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes, according to BVI Finance, a government-sponsored body that promotes the territory’s financial services industry.
The rating appeared in The Global Forum’s Supplementary Peer Review report, which reportedly analysed the practical implementation of the VI’s exchange of information framework.
The review commended the quality of the territory’s responses to exchange-of-information requests, as well as the timelines of responses in relation to the number of requests received, according to BVI Finance.
“The BVI has a long track record of meeting and exceeding the highest international regulatory and transparency standards, and we continue to do so today,” Premier Dr. Orlando Smith said of the rating. “We are very pleased that this has been recognised by the (Organisation for Economic Cooperation and Development).”
The Global Forum carries out two phases of reviews as part of the peer-review process, BVI Finance stated: The first phase is concerned with the quality of a jurisdiction’s legal and regulatory framework, while the second phase looks at the practical implementation of that framework.
The recent report on the VI was part of a second-phase review, BVI Finance clarified.
BVI Finance stated that the VI is a constructive and cooperative partner on transparency and information exchange within the OECD. The territory has signed 27 tax information exchange agreements to date and is an early adopter of the new global standard on the automatic exchange of information, the organisation stated.
“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,” Dr. Smith added. “We remain committed to engaging the OECD and our other international partners to help exceed and enhance international standards of tax transparency and regulation.”
