The British Virgin Islands has signed a Tax Information Exchange Agreement (TIEA) – its 26th in total – with Japan.
The TIEA will enable the two tax authorities to have greater ability to exchange information for tax purposes in accordance with internationally agreed standards
Premier and Minister of Finance of the BVI, Dr the Hon D Orlando Smith OBE, signed the agreement with HE Keiichi Hayashi, Japanese Ambassador to the UK, on 18 June at the Japanese Embassy in London.
Smith says: “The agreement signed with Japan shows the BVI remains a constructive partner with governments across the globe in setting the highest standards of regulation. The BVI recognises Japan as an important partner in the financial services market and this TIEA provides a basis that will strengthen the relationship between Japan and the British Virgin Islands.
“This is the 26th TIEA the BVI has now signed, and is clear evidence of the jurisdiction’s continued efforts to implement best-practice standards with regards to cross-border tax issues and financial regulation. It is also another step by BVI to deepen its commercial footprint in Asia.”
The TIEA is based on a model agreement developed by the Organisation for Economic Cooperation and Development (OECD). The TIEA will allow exchange of information by request on criminal and other tax matters in accordance with the procedures agreed.