The British Virgin Islands government has announced the signing of a Tax Information Exchange Agreement (TIEA), on October 5, with Germany.
Dancia Penn, the BVI’s Deputy Premier and Minister of Health and Social Development, signed the agreement in London with Germany’s Ambassador to the United Kingdom, Georg Boomgaarden.
The agreement is the 18th signed by the British Virgin Islands. The TIEA is based on a model agreement developed by the Organization for Economic Cooperation and Development (OECD). It allows both parties to request information from the respective countries’ tax authorities to assist in civil or criminal tax investigations.
In a joint declaration, the BVI and Germany stated that the agreement represents a milestone in relations between the two governments, and that both are committed to examining other areas of mutual co-operation and benefit.
The Joint Declaration states:
“The Federal Republic of Germany and the British Virgin Islands have long been active in international efforts in the fight against financial crimes and each share a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation. The BVI's cooperation in fostering these international standards enhances its reputation as a globally-integrated and responsible financial centre.”
Penn specifically welcomed the inclusion of a protocol to the agreement providing that BVI and Germany had no intention to introduce, in relation to residents or nationals of each territory, any discriminatory, prejudicial or restrictive measures based on harmful tax practices so long as the agreement is in force and effective.
The BVI has also signed TIEAs with Ireland, the Netherlands, the Netherlands Antilles and Aruba, the United States, the United Kingdom, Australia, New Zealand, France, China, and the Nordic countries (Sweden, Norway, Finland, Denmark, Iceland, The Faroes and Greenland).
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.aspTags: tax | offshore | investment | business | individuals | banking | banking secrecy | offshore confidentiality | tax havens | international financial centres (IFC) | tax information exchange agreement (TIEA) | tax compliance | British Virgin Islands | Germany | Virgin Islands | compliance | standards | regulation | Germany
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment