Roadtown, Tortola - The Government of the Virgin Islands is honouring its commitment to sign additional Tax Information Exchange Agreements (TIEA) to facilitate greater transparency in the Territory’s financial services sector.

Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE today signed TIEAs with the Kingdom of the Netherlands, the Netherland Antilles and Aruba which means the Territory has now signed 15 such agreements. 

At the signing ceremony at the Hague, with the Kingdom of the Netherlands State Secretary for Finance J.C. de Jager, Honourable O’Neal stated that both the BVI and the Netherlands have “long been active in international efforts in the fight against financial crimes and we share a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation.”

The Premier acknowledged too that “the BVI and the Netherlands share a longstanding commitment to the OECD Global Forum on Taxation and its objective of achieving a level playing field in standards of transparency and effective exchange of information.” 

Both countries already have legislation in place which provides for cooperation and the exchange of information in tax matters.  The TIEA will allow exchange of information by request on civil and criminal tax matters in accordance with the procedures agreed. 
Both jurisdictions have also agreed on a protocol which states that neither party shall apply any discriminatory prejudicial or restrictive measures based on harmful tax practices. 

In his remarks, the Netherlands State Secretary for Finance welcomed the signing of the TIEAs.  The Kingdom of the Netherlands also further recognised the BVI Government’s reputation as a constructive and co-operative member of the international community. 

At today’s signing, both territories expressed a common intention to pursue other areas of mutual cooperation in an attempt to further solidify their relations.

Elaborating further on the BVI’s pursuit of TIEAs, Premier O’Neal stated that “the BVI committed to the OECD’s principles of transparency and effective exchange of information in 2002 and we are now on the list of jurisdictions which have been recognised as having substantially implemented these standards. We understand that the 12 TIEA standard set by the OECD is not static and these three TIEAs signed today take us to 15 and demonstrate our cognizance of the need for increased transparency.”

The Premier further stated that “the Territory is very close to signing further TIEAs and we have approached every OECD country with which we do not already have a TIEA to initiate discussions.  This I believe is evidence of the BVI’s intention to remain at the forefront of this international initiative, not only in terms of conclusion of TIEAs but also in relation to implementation.”

Reiterating a statement made in the First House of Assembly of the Virgin Islands on Tuesday, Honourable O’Neal said “I cannot emphasise enough the commitment of the BVI to transparency in the operation of the financial services sector and our willingness to work collaboratively with countries that share the same outlook.”

In addition to the Kingdom of the Netherlands, the Netherland Antilles and Aruba, the BVI has signed TIEAs with the United States of America, the United Kingdom, Australia, New Zealand, France and the Nordic Alliance including Sweden, Norway, Finland, Denmark, Iceland, The Faroes and Greenland.