02 December 2013
The British Virgin Islands has signed tax information sharing agreements with the UK Government. The agreements are similar to those signed by Jersey, Guernsey, the Isle of Man and the Cayman Islands last month and now by Gibraltar, Montserrat, the Turks and Caicos Islands and Bermuda.
The Treasury also announced that Luxembourg, Liechtenstein, Colombia, Greece, Iceland and Malta have agreed to automatically share information on UK taxpayers with HM Revenue & Customs through the G5’s pilot initiative launched by the G5 on automatic exchange of tax information.
The UK’s Crown Dependencies and Overseas Territories have also agreed to be part of the G5 multi-lateral information sharing pilot and the G5 nations have noted how the efforts of these jurisdictions, including BVI, actively assist in their effort to clamp down on tax evasion.
This news comes soon after the report published last month by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, which stated that the BVI was “non-compliant”. The British Virgin Islands' Financial Secretary Neil Smith pointed out that that the OECD's rating is outdated as it did not reflect the practices of the BVI since 2012 and does not give an accurate reflection of the standards of tax information sharing currently found in the BVI.