BVI Signs Tax Information Exchange Agreement With Canada

Amanda Banks, London

18 June 2013

In demonstrating its commitment to enhancing international relations, the Government of the British Virgin Islands has in place a total of 24 Tax Information Exchange Agreements (TIEAs), having signed its most recent agreement with the Government of Canada on May 21,2013.

The TIEA is based on a model agreement developed by the Organisation for Economic Cooperation and Development (OECD) and will allow exchange of information by request on criminal and other tax matters in accordance with the procedures agreed.

Premier and Minister of Finance, Orlando Smith, signed the agreement with High Commissioner for Canada Gordon Campbell during the TIEA signing ceremony that coincided with the Caribbean Council Reception, at the House of Lords in London.

During his keynote speech at the Caribbean Council Reception, Smith stated that the BVI is unequivocally against tax evasion, fraud, money laundering and any form of illegal activity and therefore supports UK Prime Minister David Cameron’s agenda for the upcoming G8 summit. In doing so, he reminded the audience that included Mr. Mark Simmonds, MP, UK’s Parliamentary Under Secretary of State at the Foreign and Commonwealth Office, that the BVI has always met international regulatory standards.

To date, the BVI has signed TIEAs with Ireland, the Kingdom of the Netherlands, Curacao, St Maarten and Aruba, the United States, the United Kingdom, Australia, New Zealand, France and the Nordic Alliance of Sweden, Norway, Finland, Denmark, Iceland, The Faroes, Greenland, China, India, Germany, Portugal, the Czech Republic and the States of Guernsey.

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