Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE laid on the table the report on the Deliberations of the Standing Finance Committee at the House of Assembly today, March 22.

Financial Secretary Mr. Neil Smith has updated Financial Institutions on the new amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 which incorporates the Common Reporting Standards (CRS).   

The Government of the Virgin Islands was successful in getting recognition of the Territory’s ‘largely compliant rating’ by the Organisation for Economic Cooperation and Development (OECD) Global Forum, and agreement by the United Kingdom to restate that it is not appropriate for the Overseas Territories (OT) to be labelled ‘tax havens’.

Madam Speaker, I would like to provide this Honourable House with an update on the issue of beneficial ownership, which is of great importance to our financial services industry and wider economy.

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE is in Dominica for the 62^nd Meeting of the Organisation of Eastern Caribbean States (OECS) Authority being held from November 17 to November 20. 

His Serene Highness Prince Albert II of Monaco visits with the BVI delegation at the Monaco Yacht Show on 23^rd September. 

Representatives from the European Union’s (EU) Overseas Countries and Territories (OCT) will gather in Saint Martin from October 5 to 7 to brainstorm the challenge of diversifying economies with innovation.

The establishment of the unit was among recommendations outlined by international consulting firm, McKinsey and Company which was commissioned to develop a strategic plan to chart the future of the financial services industry.

The Government of the Virgin Islands is advising all British Virgin Islands Reporting Financial Institutions that the FATCA deadlines for the United Kingdom and United States of America have been extended.

In providing more information to the Territory’s residents on the United States (U.S.) Foreign Accounts Tax Compliance Act (FATCA, the Government of the Virgin Islands has invited a FATCA specialist to deliver special presentations to individuals affected by the United States law.