In February 2011, the Indian High Commissioner and the Deputy Prime Minister of the BVI signed a tax information exchange agreement. A joint declaration was signed within the framework of the TIEA. The governments of the BVI and the Republic of India declare that the two countries are active, constructive and cooperative members of the international community, with integrated and responsible financial centers at the global level. He added: “This agreement marks an important milestone in the relationship between the two governments and both have an obligation to consider other areas of cooperation and mutual benefit, including a double taxation convention.” Responding to the signing of the TIEA, Mr O`Neal said: “The conclusion of this TIEA demonstrates the commitment of the BVI and the UK governments to international cooperation on transparency and exchange of information. We welcome HM Treasury`s recognition of BVI`s leadership in global tax standards and our reputation for good financial governance. As the TIEA acknowledges, both governments have long engaged in international efforts to combat financial and other crimes. The BVI will continue to promote and develop international best practices in all areas of financial regulation. The convention was extended from the United Kingdom to the Virgin Islands and entered into force on 1 March 2014. The Convention was drawn up jointly by the Organisation for Economic Co-operation and Development (OECD) and the Council of Europe in 1988 and amended by a protocol in 2010. The Convention is a multilateral instrument that allows all forms of tax cooperation to combat tax evasion. For more information on the Convention, please visit the OECD website. The Virgin Islands is committed to meeting international standards and continues to develop its contractual network by not only negotiating and signing bilateral tax information exchange agreements (TIEAs), but also by committing to automatically exchange information. Since 2002, the Virgin Islands have concluded 28 rights: the United States, the United Kingdom, France, Australia, Germany, the Czech Republic, the Faroe Islands, Finland, Greenland, Iceland, Sweden, Norway, Denmark, South Korea, the Netherlands, Aruba, Saint Maarten, Curaçao, Portugal, Ireland, New Zealand, China, Canada, India, Guernsey, Poland, Japan and the Isle of Man.
The extension of the Multilateral Convention on Mutual Assistance in Tax Matters (the “Convention”) now allows the Virgin Islands to exchange, upon request, information from more than 76 jurisdictions. For a complete list of legal services that allow the Virgin Islands to exchange information, the International Tax Administration can be contacted at +1 284-468-4415. The website of the International Tax Administration is available here. Anyone who receives a request for information under one of the EOI rules within the BVI must carefully consider different competing interests: on the one hand, he must carefully consider whether he is subject to an obligation of confidentiality with regard to the information to be disclosed and, if so, whether it is a simple fishing exercise. .