Roadtown, Tortola - Premier Honourable Ralph T. O’Neal, OBE leaves the Territory tomorrow for Holland where he will sign the BVI’s 13th Tax Information Exchange Agreement (TIEA).

Making the announcement in a statement to 10th sitting of the second session of the First House of Assembly of the Virgin Islands today, Honourable O’Neal said the signing provides “proof of the BVI’s commitment to not simply achieving this minimum standard but surpassing it.”

His comment comes against the backdrop of the 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, which require jurisdictions to sign at least 12

The BVI signed its 12th TIEA on August 13 with New Zealand, resulting in the Territory being placed on the OECD “white list” of countries that have substantially implemented the standards on the exchange of information.

 “Honourable Members would recall on that occasion I gave assurances that we will not stop there but rather, we will continue to pursue negotiations with a view to signing similar agreements with other countries,” the Premier told members of the House.
He added that “while we will primarily pursue these agreements with those countries which are members of the OECD, we are also willing to enter into similar agreements with other countries with which we conduct international business.”

The Premier revealed that the BVI is already in the “process of finalising a TIEA with Ireland and we expect that agreement to be signed in the near future. Additionally, we plan to begin negotiations with other countries including Germany and Mexico shortly.”

According to the Premier, the BVI’s pursuit of additional Tax Information Exchange Agreements demonstrates its recognition of the valuable contribution made by financial services to the local economy and the accompanying need to safeguard the reputation of the jurisdiction.

“The highly competitive nature of the environment in which we operate coupled with the downturn being experienced in the global economy, makes it even more imperative that we do all in our power to maintain and further improve our standing in the international arena,” he stated, adding that “the signing of these agreements is one such way to achieve that.”

Friday’s signing will be conducted at the Hague in Holland. The Premier will be accompanied by Executive Director of the BVI International Finance Centre, Ms. Sherri Ortiz and Personal Assistant, Ms. Jermine Barry. The delegation will return to the Territory over the weekend.

During the absence of the Premier, Deputy Premier Honourable Dancia Penn, QC will perform the duties of Premier in accordance with Section 55 of the Virgin Islands Constitution which states that in the absence of the Premier for a period exceeding 48 hours, “the Governor shall authorise the Deputy Premier to perform the functions of the office of Premier.”