The British Virgin Islands (BVI) was faraway from the European Union’s (EU) blacklist of non-cooperative tax jurisdictions.
The EU has acknowledged the BVI as a jurisdiction that actively cooperates and has dedicated to enhancing its tax compliance and reporting mechanisms.
Amendments pave the best way for improve
The EU, in an official assertion launched just lately, applauded the BVI’s efforts to bolster its framework for the change of knowledge upon request.
The BVI achieved this milestone by introducing key amendments, notably inside the BVI Enterprise Corporations Act and BVI Enterprise Rules. These legislative changes signify the BVI’s dedication to align itself with worldwide tax requirements and foster transparency.
Ongoing analysis by OECD
The Group for Financial Co-operation and Improvement (OECD) will proceed to judge the BVI’s adherence to worldwide requirements. In consequence, the BVI’s standing might even see additional enhancements within the close to future.
A celebration of progress
Beforehand included on the EU’s non-cooperative tax jurisdiction listing on February 14, alongside Costa Rica, Marshall Islands, and Russia, the BVI’s elimination from this listing has garnered acclaim from its Deputy Premier and Minister for Monetary Providers, Lorna Smith.
In a press release, she expressed her appreciation for the EU’s recognition and emphasised the BVI’s dedication to sustaining the very best requirements of transparency and regulation.
“We welcome the announcement that the BVI has been faraway from Annex I of the EU listing, which displays the present state of play within the BVI. As a world-class worldwide monetary centre, the BVI is dedicated to sustaining the very best worldwide requirements on transparency and regulation,” she mentioned.
Remaining international locations on EU’s blacklist
Whereas the BVI celebrates its new standing, different jurisdictions stay on the EU’s non-compliance blacklist.
These embody Trinidad and Tobago, Belize, the US Virgin Islands, Turks and Caicos Islands, Antigua and Barbuda, and The Bahamas, amongst others.
