Monday, February 14, 2011

BVI Signed Twentieth TIEA

The Government of the British Virgin Islands has signed Tax Information Exchange Agreement (TIEA) with the Republic of India. The Agreement was signed by Deputy Premier and Minister of Health and Social Development Honourable Dancia Penn OBE QC and the High Commissioner of India to the UK His Excellency, Nalin Surie.

In a Joint Declaration signed with the TIEA both parties state that their countries are active, constructive and cooperative members of the international community with globally integrated and responsible finance centres. It is also stated that India and BVI have long been active in international efforts in the fight against financial crimes, and each of them shares a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation.

Honourable Dancia Penn welcomed this agreement, saying that India is a key market for financial services business of the British Virgin Islands. Also, she said that the BVI is fully committed to pursuing further discussions with the Government of the Republic of India, and the jurisdiction will look to build on the important trading and cultural ties that already exist between the countries.

The Agreement with India is the 20th TIEA of the British Virgin Islands. To answer the OECD guidelines and the new international tax standard, jurisdictions are required to sign at least 12 TIEAs.

No comments: