Monday, December 7 – The Government of the Virgin Islands continues to be proactive in its efforts to maintain transparency in the financial services industry and comply with international standards.
To this end, Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE today signed the Territory’s 17th Tax Information Exchange Agreement (TIEA).
The agreement with the People’s Republic of China was signed at BVI House in London. Signing on behalf of People’s Republic of China was Deputy Commissioner of the State Administration of Taxation, Mr. Qian Guanlin.
In remarks at today’s ceremony, Premier O’Neal said, “This Tax Information Exchange Agreement is a further positive development in the co-operative relationship which already exists between the Governments of the People’s Republic of China and the BVI.”
According to the Premier, “Both Governments share a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation.”
Honourable O’Neal noted too that “China and the BVI are already on the list of jurisdictions recognised by the Organisation for Economic Cooperation and Development (OECD) as having substantially implemented the OECD principles of transparency and exchange of information and remain engaged in international developments to properly implement and monitor these standards as Members of the OECD Global Forum Peer Review Group.”
“The BVI has now signed 17 TIEAs with economically significant parties, surpassing the international standard of 12 TIEAs set by the OECD and demonstrating the Territory’s continuing commitment to best practice,” the Premier further stated.
In his remarks, the Chinese Deputy Commissioner of the State Administration of Taxation said, “The Government of the People’s Republic of China recognises the BVI Government’s reputation as a constructive and co-operative member of the international community. Both countries already have legislation in place which provides for cooperation and the exchange of information in tax matters.”
Mr. Guanlin observed that “The BVI’s leading role in the implementation of international standards of transparency and exchange of information enhances its reputation as a globally integrated and responsible financial centre.”
He added, “This agreement is a milestone in relations between the two Governments and both are committed to examine other areas of mutual co-operation and benefit.”
The TIEA reflects both Governments' shared commitment to implement international principles of transparency and effective exchange of information. The TIEA will allow exchange of information by request on tax matters in accordance with the procedures agreed.
To date, the BVI has signed TIEAs with the People’s Republic of China, Ireland, the Kingdom of the Netherlands, the Netherland Antilles and Aruba, the United States, the United Kingdom, Australia, New Zealand, France and the Nordic Alliance including Sweden, Norway, Finland, Denmark, Iceland, The Faroes and Greenland.
British Virgin Islands News