Published on September 12th, 2021 | by Newt Rayburn0
British Virgin Islands Tax Information Exchange Agreement
A TIEA was signed with Germany on 5 October 2010. In a joint statement, the BVI and Germany said the agreement was an important step in the relationship between the two governments and that they both committed to explore other areas of mutual cooperation and utility. He added: “In addition to the TIEA, we have successfully negotiated a declaration of intent for non-discriminatory tax treatment and a double taxation convention on income tax for retirees, students and government employees.” For more information, please contact Aki Corsoni-Husain at the office of Aristodemou Loizides Yiolitis LLC in Limassol by phone (+357 25 820020) or by e-mail (firstname.lastname@example.org). You can also contact Mirza Manraj at Harney`s Hong Kong office by phone (+852 5806 7800) or email (email@example.com). The Harneys website can be found under www.harneys.com. Prudence requires that any person who receives a request or notification under an information exchange system should immediately contact his or her professional legal advisers. In this way, jurisdictions may base a bilateral agreement on the competent authority for the purpose of introducing the automatic exchange of information in accordance with the common information standard or the automatic exchange of country reports on an TIEA, in particular where the automatic exchange of information under a relevant multilateral agreement of the competent authority is not (yet) possible. Anyone who receives a request for information under one of the EOI rules within the BVI must carefully consider different competing interests: on the one hand, he should carefully consider whether he is subject to an obligation of confidentiality with regard to the information to be disclosed and, if so, whether it is a simple fishing exercise. In December 2009, the BVI signed texts with Ireland and China. The agreements were signed by Prime Minister and Finance Minister Ralph O`Neal, Irish Ambassador to the UK Bobby McDonagh and China`s Deputy Commissioner of State Tax Administration Qian Guanlin. The two agreements brought the number of such agreements to 17.
The tax treaties between the BVI and the United Kingdom will enter into force as soon as both governments have completed the legislative procedures necessary for their implementation. In addition to the TIEA, Australia and the BVI have signed an agreement on the allocation of tax rights on certain personal income, which will provide benefits to Australian residents and the BVI. Australia and the BVI also agreed to conduct discussions, as appropriate, to promote further cooperation in areas of mutual interest. Responding to the signing of the TIEA, Mr O`Neal said: “The conclusion of this TIEA demonstrates the commitment of the BVI and the UK governments to international cooperation on transparency and exchange of information. We welcome HM Treasury`s recognition of BVI`s leadership in global tax standards and our reputation for good financial governance. . . .