Roadtown, Tortola - Premier Honourable Ralph T. O’Neal, OBE will travel to France next week for the signing of a Tax Information Exchange Agreement (TIEA) with the government there.
The Premier made the revelation to members of the media this morning as he addressed them at his monthly Ministerial Press Conference.
The TIEA with France will bring to 11, the number of such agreements the Territory has signed as it strives to adhere to stipulations outlined by the Organisation for Economic Cooperation and Development (OECD) and the new international tax standard emanating from the G-20 Summit in April this year, requiring jurisdictions to sign at least 12 TIEAs.
“In light of the new requirements, this Territory publicly committed to achieve the new standards and to demonstrate our compliance with the OECD principles,” Honourable O’Neal stated.
The Territory was placed on the OECD’s grey list following the G-20 Summit, meaning that it is “committed to the internationally agreed tax standard, but had not yet substantially implemented such agreements.”
According to the Premier, once negotiations with France are complete and the TIEA signed, the BVI will continue to pursue similar agreements with other OECS countries. The goal is to have the Territory moved to the OECD’s White List of jurisdictions, which have fully complied with the new standards.
“Negotiations with New Zealand are nearly concluded and we hope to sign a 12th TIEA in the very near future,” the Premier stated, quickly adding “although we would reach the number suggested by the OECD and the G-20, we do not intend to stop there; we intend to continue to negotiate with other countries like Germany, Austria, Brazil, Mexico, Argentina, Canada and as many countries as we can make contact with and are willing to negotiate with us.”
Another revelation at today’s Ministerial Press Conference was the appointment of the new Board of Immigration, including a new Chairman and two new members.
According to the Premier, “Cabinet has named a new Chairman in the person of Mr. Michael Anthony, who previously served as a board member.” Given Mr. Anthony’s dual role as a businessman and Pastor of the Apostolic Faith Mission, Honourable O’Neal said “Cabinet is confident that Mr. Anthony will provide and build on the leadership previously given by Mrs. Margaret Borde.”
The new members are Mr. Daniel Cline and Mrs. Kirlin Lettsome. The other members of the new Board of Immigration are Mrs. Rosalia Gardener and Berinice Stoutt-Lewis, Ms. Anthea Smith and Messrs Milton Creque and Charles Mercer.
The appointments are retroactive to May 1. Premier O’Neal expressed public gratitude to the two members who were not re-appointed to the board, the former Chairman, Mrs. Borde and Mr. Lorie Rhymer.
“On behalf of the Government, I would like to thank them for their valued service over the years and contributions to the board’s deliberations,” he said.
The Premier also appealed to persons with matters pending before the Board of Immigration “to exercise patience and understanding at this time as the Board meets for the first time in the coming weeks.”
Through monthly Ministerial Press Conferences, the Premier expects to keep the local media abreast of a range of issues, particularly the subjects which fall within his portfolio.
British Virgin Islands News