Wednesday, July 21, 2010

OECD Highly Appreciated BVI Role in Transparency Standards Implementation

BVI played a key role in promoting the international standards on tax transparency, being a member of the Peer Review Group of the Global Forum on Transparency and Exchange of Information. This was recognized in the OECD briefing entitled “Promoting Transparency and Exchange of Information for Tax Purposes”. The jurisdiction was also praised for following the guidelines for the signing of Tax Information Exchange Agreements (TIEAs).

The Executive Director of the BVI International Finance Centre in comments on the report said that in addition to 17 TIEAs already signed the jurisdiction expects to conclude further negotiations in the coming months.

The territory welcomed OECD's Peer Review process which is to start for BVI in the beginning of 2011, believing it is well placed to meet the requirements. All members of the Global Forum, and jurisdictions relevant to it, are to undergo reviews of the implementation of their systems for the exchange of information in tax matters. The review will be made in two phases, and the first phase is to be completed before June 2012.

Peer reviews are part of a three-year process approved by the Global Forum in February 2010, in response to the G20 requirement for higher standards of tax transparency and exchange of information. The first set consisting of 18 reviews is to be discussed at the next Peer Review Meeting which will take place on July 20-22, 2010.

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