BVI Premier Comments On G8 Tax Statement

Amanda Banks, London

21 June 2013

On his return to the British Virgin Islands from London, Premier and Minister of Finance Orlando Smith has reiterated his support for the UK government’s global agenda on tax, transparency and trade. He also confirmed his agreement to the following three important steps:

1.To play an active part in the new pilot initiative of multilateral automatic tax information exchange launched by the UK, France, Germany, Italy and Spain;

2.To prepare national action plans on beneficial ownership to meet the FATF standards; and

3.To commit to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters.

Orlando Smith said: “In the debate about tax and transparency the fact that the BVI already has stronger financial regulation for trust and corporate service providers, as well as rules regarding beneficial ownership than many countries in the G8 itself, has not been adequately appreciated."

He continued: “For many years we have implemented the highest international standards on transparency, accountability and information exchange on tax matters, as set out by the OECD. The BVI will continue to be a constructive partner in evolving and setting the highest standards of regulation. We are proud of our part in the global economy and we believe that good regulation is good for business. We are committed to continuing to play a leading role in delivering a responsible and effectively regulated global business environment and to tackling the global problem of tax evasion as part of a coordinated, balanced and meaningful process.”