Roadtown, Tortola - Premier and Minister of Finance, the Hon. Ralph T. O'Neal, OBE today signed a bilateral Tax Information Exchange Agreement (TIEA) on behalf of the Virgin Islands (UK) with the French Republic in Paris, France.

Premier O'Neal said he was pleased to be reaching this juncture, where the BVI is strengthening its relationship with France.  He further noted that “the tax information exchange agreement is part of a joint commitment by the BVI and France to advance the global efforts for cooperation, transparency and effective exchange of information on tax matters.”

Signing on behalf of his country, the French Minister of Budget, Public Accounts and the Civil Service, Hon. Éric Woerth, agreed with the BVI Premier’s comments, saying that it was “further evidence of the British Virgin Islands' willingness to implement the OECD principles of transparency and exchange of information.”

Hon Woerth told the BVI Premier that subject to an effective implementation, especially by ensuring the availability of information to be exchanged, the agreement “will have a favourable impact on the British Virgin Islands in relation to the application of specific French tax provisions based on an effective exchange of information criterion.”

Today’s signing culminates the bilateral negotiations between the Virgin Islands (UK) and the French Republic, which started in 2005 in the BVI and continued in France in 2007.

The Premier reiterated that the BVI, through this and other efforts, continues to seek full compliance with internationally agreed standards.

Today’s signing brings to 11 the number of TIEAs that the BVI has signed to date.  Within the coming months, the Territory expects to sign agreements with several other countries. 

According to guidelines provided 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, jurisdictions are required to sign at least 12 Tax Information Exchange Agreements (TIEAs).