Saturday, August 15, 2015

OECD Improved BVI Status as to Tax Transparency


The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes has issued review reports for 12 jurisdictions regarding their compliance to the global standards on taxation transparency and information exchange. Among the countries, there was the British Virgin Islands which was stated to have made improvements of its exchange of information practices under its Phase 2 review, and was moved from the status of “Non-Compliant” to “Largely Compliant” jurisdiction.

The OECD Global Forum is the world’s largest international tax group, including 127 members. The Forum has completed 198 peer reviews and assigned compliance ratings to 80 jurisdictions that have undergone Phase 2 reviews.