BVI Finance today welcomed the European Union’s recognition of the BVI as a cooperative jurisdiction as it has delivered on its commitment relating to economic substance as defined by the EU.

STATEMENT BY PREMIER AND MINISTER OF FINANCE
HONOURABLE ANDREW FAHIE
ON EU LIST OF NON-COOPERATIVE JURISDICTIONS

MARCH 12, 2019

Ladies and Gentlemen of the Virgin Islands,

I am pleased to report to you that the European Union has announced today that it recognises the BVI as compliant with its fair taxation principles as well as being a cooperative jurisdiction.

Last Friday, I brought to the attention of the people of the Virgin Islands a new development in the UK Parliament which sought to amend the Financial Services (Implementation of Legislation) Bill on public registers of beneficial ownership.  

The number of businesses and individuals registering Limited Partnerships in the British Virgin Islands (BVI) increased by 200% between Q2 and Q3 2018, as the Territory’s new partnership provisions came into full effect.

Guidance Notes to compliment the legislative changes made to the Mutual Legal Assistance (Tax Matters) Act, 2003 are now available.

Chairman of BVI Finance Robert Briant has paid tribute to the outgoing head of BVI Finance Mrs. Lorna Smith, OBE following her “immense contribution” to the jurisdiction’s financial services sector over the years.

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE announced that the BVI has passed important legislation which addresses the European Union’s (EU) concerns over “economic substance” and came into force from January 1, 2019.

The Government of the Virgin Islands has implemented Base Erosion and Profit Shifting (BEPS) Action 13, Country by Country Reporting by way of amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLA) in section 14 of Act No. 8 of 2018 where a new Part IV has been inserted in the MLA.  

Siobhan Flax of the British Virgin Islands London Office was elected to the 2018/2019 Executive Committee of Young Diplomats in London (YDL).  

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE announced today that the BVI Government has responded constructively to the European Union’s listing exercise and will take all reasonable steps to address EU concerns relating to ‘economic substance’.