Friday, June 17, 2011

BVI signed TIEA with Czech Republic

On June 13, the British Virgin Islands has signed a tax information exchange agreement (TIEA) with the Czech Republic. The Agreement was signed in Prague, the BVI was represented by the BVI's Deputy Premier and Minister of Health and Social Development Dancia Penn, and the Czech Republic was represented by First Deputy Minister Ladislav Mincic.

The parties also agreed to a Protocol setting out that no prejudicial or restrictive measures will be applied to residents or nationals based on harmful tax practices.

The statement issued jointly by the governments of the British Virgin Islands and the Czech Republic, included the following: “The Czech Republic and BVI have long been active in international efforts in the fight against financial crimes and each share a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation. The Czech Republic recognises the BVI government's reputation as a constructive and co-operative member of the international community with a globally integrated and responsible finance centre.”

The TIEA signed by the BVI and the Czech Republic provides for the exchange of information by request on civil and criminal tax matters, in accordance with the OECD standards. This is already the twenty first Tax Information Exchange Agreement signed by the British Virgin Islands, the previous one was concluded with the Republic of India.

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