On 18th March 2020, the International Tax Authority (ITA) via a Press Release activated its Business Continuity Plan (BCP) considering the Global Pandemic.

The International Tax Authority has provided further particulars that are to be borne in mind with respect to Economic Substance following the press release issued by the International Tax Authority (ITA) on March 18:

The International Tax Authority (“ITA”) following the announcement made by the Government is activating its business continuity plan during the coronavirus (COVID-19) pandemic. As a result, the ITA expects to maintain its operational frameworks and meet its international obligations. Confidentiality and data safeguards remain critical for the ITA’s functioning and strict security measures will continue to apply to all remote working.

The International Tax Authority (ITA) wishes to inform BVI Constituent Entities, that are a part of a Multinational Entity (MNE) Group, as defined under section 2 of the Mutual Legal Assistance Tax Matters (Amendment) Act (No. 8 of 2018) for the Country by Country Reporting, under the Base Erosion and Profit Shifting (BEPS) Action 13, that it will soon be ready to receive filings for Country by Country Reporting in accordance with section 38 of the Act.

The Premier of the Virgin Islands has today welcomed the announcement by the European Union that the British Virgin Islands is recognised as a fully compliant jurisdiction for tax purposes.

The Premier and Minister of Finance of the British Virgin Islands Honourable Andrew A. Fahie has today said that the good tax cooperation between the British Virgin Islands and France has been overlooked in the French Government's decision to include the jurisdiction, among others newly added, to its list of non-cooperative states and territories in tax matters.

The Director of International Tax Authority Ms. La Toya James is informing members of financial institutions and other stakeholders that the BVI Financial Accounts Reporting System is not functional at this time. 

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

The International Tax Authority (ITA) is advising the BVI Financial Services Industry that Guidance Notes to compliment the legislative changes made to the Mutual Legal Assistance (Tax Matters) Act, 2003 by way of Act No. 8 of 2018 is now available.

The Government of the Virgin Islands today outlines its action plan in response to a European Union (EU) initiative that seeks to address concerns that some countries are engaging in potentially harmful tax competition with EU member states.