Roadtown, Tortola - BVI’s Premier and Minister of Finance, the Hon. Ralph T. O’Neal, OBE announced today that the British Virgin Islands has signed bilateral Tax Information Exchange Agreements (TIEAs) as well as a series of commercial agreements with the Nordic group of countries at the Icelandic Embassy in Copenhagen, Denmark.
 
Kristian Jensen, the Danish Minister of Taxation, Ambassadors and senior representatives of the Faroes, Finland, Greenland, Iceland, Norway and Sweden signed the agreements on their respective countries’ behalf and Deputy Premier and Minister of Health and Social Development, the Hon. Dancia Penn, OBE, QC signed on behalf of the Government of the British Virgin Islands.

The TIEAs provide for exchange of information on request relating to a specific criminal or civil tax matter under investigation.  These Agreements build upon legislation in the jurisdictions which already provides for mutual legal assistance in criminal matters.  The TIEAs reflect all Governments shared commitment to implement the Organisation for Economic Cooperation and Development principles of transparency and effective exchange of information.

In addition to the TIEAs, BVI and the Nordic countries have signed agreements relating to the avoidance of double taxation for enterprises operating ships or aircraft, mutual agreement procedures and agreements for the avoidance of double taxation with respect to individuals.  All Governments have also stated that neither party has any intention of introducing any discriminatory, prejudicial or restrictive measures based on harmful tax practices while the TIEAs are in force and nor will they engage in any so called “fishing expeditions”.

In response to the signing of the TIEAs, Hon. Ralph T. O’Neal, OBE said:

“The conclusion of these TIEAs demonstrates the commitment of both the BVI and the Nordic countries to international co-operation in transparency and exchange of information.  The BVI committed to the OECD principles in 2002 when the Government also signed a TIEA with the USA.  Last year, BVI signed agreements with Australia and the UK and will shortly be signing agreements with France and New Zealand.  Once signed, these final two agreements will place BVI on the so called OECD ‘White List’.” 

In response to the signing of the TIEAs, Hon Dancia Penn OBE QC said:

 “These TIEAs are part of the BVI’s longstanding commitment to be a reputable and co-operative member of the international community. As the Nordic countries have formally acknowledged the Government of BVI has long been active in international efforts in the fight against financial and other crimes. 

The BVI has always maintained international standards of financial regulation as has been recognised by independent bodies including, most recently, the Caribbean Financial Action Taskforce.”

The Secretary General of the Nordic Council of Ministers, Halldor Asgrimson, at the signing ceremony noted that taxation was a very important and he was pleased that the Nordic Council had joined BVI in this partnership to meet our international commitment and global responsibility.

We are confident that today’s TIEAs will help to build still further on the very positive relations that exist between BVI and the Nordic countries.”