TIMES.VG

BVI, Caribbeanand International News
TIMES.VG

Valentine’s gift? EU lists VI as a non-cooperative tax jurisdiction

Valentine’s gift? EU lists VI as a non-cooperative tax jurisdiction

Following a meeting of the Council of the European Union (EU) on Valentine’s Day, today, February 14, 2023, the [British] Virgin Islands (VI) has been added to the EU list of non-cooperative tax jurisdictions (Annex I).

In a statement, the EU Council found that the VI was not sufficiently in compliance with the OECD standard on exchange of information on request (criterion 1.2). It also noted that this is the first time the VI has been included in the list.

Other countries added to the EU list of non-cooperative jurisdictions are Costa Rica, the Marshall Islands, and Russia.

The EU Council said it "regrets that these jurisdictions are non-cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues.”

Recent legislative changes not recognised

The Government of the Virgin Islands has swiftly issued a press release stating that the Territory is committed to complying with evolving international standards on transparency and the fight against financial crime.

It also said the compliance status of the VI is not accurately reflected, since recent legislative developments were not considered by the Organisation for Economic Cooperation and Development (OECD).

“Legislative changes (including BVI Business Companies Amendment Act 2022, and BVI Business Amendment Regulations 2022) made in 2022 and which came into force on 1 January 2023, evidence the steps put in place to meet requirements set out by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes as part of its Peer Review Process.

“These key legislative developments were not recognised in the most recent OECD Peer Review rating given to the BVI in November 2022, which moved BVI from ‘largely compliant’ to ‘partially compliant’. As a ‘largely compliant’ rating is one of the criteria that determines the “EU List of Non-cooperative Jurisdictions for Tax Purposes” (EU List), the BVI has been added to Annex I as a formality and matter of process,” the VI Government stated in the press release.

The Government of the Virgin Islands has swiftly issued a press release stating that the compliance status of the VI is not accurately reflected, since recent legislative developments were not considered by the Organisation for Economic Cooperation and Development (OECD).

Supplementary review requested

It said this is noted by the EU Council which states that this is the ‘first time’ the VI has been included in the EU list (Annex I) and reflects the compliance process of the ‘OECD standard on exchange of information on request (criterion 1.2)’.

“As such, the BVI Government has requested that a supplementary review be granted by the OECD Global Forum that will more accurately reflect the BVI’s current legislative status. Following a supplementary review, the BVI is hopeful that a “largely compliant” rating will be reinstated. This should then ensure the BVI is moved back to Annex II of the EU List, reflecting jurisdictions that have committed to implementing reforms.”

The Government of the Virgin Islands said the VI is a world-class international financial centre, committed to high international standards on transparency and regulation and offering a premier business-friendly jurisdiction facilitating global investment and trade.
The EU Council said it 'regrets that these jurisdictions are non-cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues.'


EU List

The EU list now consists of 16 jurisdictions, including American Samoa, Anguilla, the Bahamas, the [British] Virgin Islands, Costa Rica, Fiji, Guam, Marshall Islands, Palau, Panama, Russia, Samoa, Trinidad and Tobago, the Turks and Caicos Islands, the US Virgin Islands, and Vanuatu.

Meanwhile, Hong Kong and Malaysia were granted an extension of the deadline to complete the reform of their foreign source income exemption regimes.

Qatar was also granted an extension because it faced constitutional reform constraints to complete its reform on time.

At the same time, Barbados, Jamaica, North Macedonia, and Uruguay fulfilled their commitments and could therefore be removed from the document, the EU Council said.
Newsletter

Related Articles

TIMES.VG
Close
0:00
0:00
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Being a Tiktoker might be expensive…
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
×