BVI rejects ‘non-cooperative’ tax label

The British Virgin Islands has said that it is “disappointed” with the decision of the European Commission to include the jurisdiction on its latest list of places deemed non-cooperative on tax matters.

The government of BVI said in a statement that the jurisdiction has “a long long track record of meeting the highest international standards in international cooperation, regulation and transparency, and continues to do so today.”

“These efforts have been recognised by the governments of several G8 and G20 countries, and the BVI has met the standards set by international organizations such as the International Monetary Fund, Financial Action Task Force and the Organisation for Economic Co-operation and Development.”

“The BVI continues to be a constructive and cooperative partner on Transparency and Information Exchange and demonstrates this by having an active role in the OECD’s Global Forum which is the largest tax body in the world, as well as sitting on the 30 member Peer Review Group.”

“The BVI is also an early adopter of the OECD’s Common Reporting Standard for the global automatic exchange of financial account information to take effect in 2017.”

Furthermore, the BVI government said it is not clear what standard was used for publishing the list on which it is named, apart from relying on lists provided in turn by EU member states.

“The BVI is hopeful that the European Commission will withdraw this publication or correct inaccurate perceptions related to it and encourage its member states to update their respective country lists with an understanding of the actions taken, and commitment demonstrated, by the BVI towards international cooperation and tax transparency.”

The BVI response follows that of other jurisdictions such as Guernsey, which have also responded to their placement or not on the latest list published by the EC on behalf of EU member states.

 

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