Wednesday, September 23, 2009

BVI Signs TIEAs with the Kingdom of Netherlands, the Netherland Antilles and Aruba

In the mid of September, the Premier and Minister of Finance of the British Virgin Islands, Hon. Ralph T. O’Neal, OBE , signed additional Tax Information Exchange Agreements with the Kingdom of the Netherlands, the Netherland Antilles and Aruba. After signing these TIEAs, the number of agreements signed by the BVI achieved 15.

The BVI and the Netherlands already have legislation providing for co-operation and the exchange of information in tax matters. The new TIEA between the British Virgin Islands and the Netherlands will allow the exchange of information by request on civil and criminal tax matters.

The Netherlands State Secretary for Finance welcomed the signing of the Agreement. Both jurisdictions expressed common intention to pursue other areas of mutual co-operation to further develop their relations. The Kingdom of the Netherlands also further recognised the BVI Government's reputation as a constructive and co-operative member of the international community.

The 12 TIEAs standard set, that was required by the OECD, for the British Virgin Islands consisted of
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.


Premier O'Neal stated in his comments that the BVI is close to signing further TIEAs with other OECD countries with which they have not signed the agreements yet.

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