The Government of the Virgin Islands has taken further steps in strengthening its international relations by signing a Tax Information Exchange Agreement (TIEA) with the Government of Japan.
The TIEA will enable the two tax authorities to have greater ability to exchange information for tax purposes in accordance with internationally agreed standards
Premier and Minister of Finance of the British Virgin Islands (BVI) Dr. the Hon D. Orlando Smith, OBE, signed the agreement with H.E. Mr. Keiichi Hayashi, Japanese Ambassador to the United Kingdom (UK) on Wednesday, June 18th at the Japanese Embassy in London.
Commenting on the signing of the BVI’s 26th TIEA, Premier Smith said, “The agreement signed with Japan shows the BVI remains a constructive partner with governments across the globe in setting the highest standards of regulation. The BVI recognises Japan as an important partner in the financial services market and this TIEA provides a basis that will strengthen the relationship between Japan and the British Virgin Islands.”
He added, “This is the 26th TIEA the BVI has now signed, and is clear evidence of the jurisdiction’s continued efforts to implement best-practice standards with regards to cross-border tax issues and financial regulation. It is also another step by BVI to deepen its commercial footprint in Asia.”
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The TIEA is based on a model agreement developed by the Organisation for Economic Cooperation and Development (OECD). The TIEA will allow exchange of information by request on criminal and other tax matters in accordance with the procedures agreed.
The BVI has long been active in international efforts in the fight against financial crimes and is committed to develop and comply with the international standards on money laundering, terrorist financing and financial regulations.
The Premier and Minister of Finance further added that the BVI’s cooperation in fostering these international standards enhances our reputation as a world class, globally integrated and responsible financial centre.
In April 2002, the British Virgin Islands committed to work with the OECD to develop principles of transparency and exchange of information in tax matters.
Inclusive of this recently signed agreement, the BVI has signed 26 TIEAs to date with Ireland, the Kingdom of the Netherlands, Curacao, St Maarten and Aruba, the United States, the United Kingdom, Australia, New Zealand, France and the Nordic Alliance of Sweden, Norway, Finland, Denmark, Iceland, The Faroes and Greenland and China, India, Germany, Poland, Portugal, the Czech Republic, the States of Guernsey, Canada and now Japan.