BVI Removed From French ‘Blacklist’
The British Virgin Islands (BVI) has been removed from France’s list of non-cooperative tax jurisdictions as a result of greater cooperation between the jurisdictions.
The BVI said it had responded to almost all of France‘s requests for information to be exchanged for tax enforcement purposes.
The BVI Premier and Minister for Finance, Orlando Smith, said: “The Government of the Virgin Islands is pleased with this positive step from France which demonstrates our commitment to exchange of information and also demonstrates our compliance with the international standards.”
“As a jurisdiction, we have always, through the continual review and reform of the appropriate legislative and administrative frameworks, strived to ensure that our regime is fit for purpose, internationally compliant, and can serve the legitimate business needs of our industry’s clientele.”
The OECD‘s Global Forum on Tax Transparency and Exchange of Information for Tax Purposes recently upgraded BVI’s rating under its phase two peer review process from “non-compliant” to “largely compliant.” This review looks at how the BVI exchanges tax information in practice. The BVI Government has also created an International Tax Authority, which is responsible for investigating cross-border tax matters.
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