The British Virgin Islands is now recognised by the European Union (EU) as a jurisdiction which is fully compliant for tax purposes.
A media release from the Office of the Premier dated February 18 said the EU had made an announcement on the BVI’s compliance with a number of its requirements.
“Following a thorough process of assessment, monitoring and dialogue, the EU now deems the BVI to be fully compliant with its EU tax good governance principles and the jurisdiction has been removed from Annexe II,” the release said.
Responding to the territory’s achievement, Premier Andrew Fahie said the decision reflected the BVI’s dedication to adhering to the EU’s tax regulation requirements.
“I welcome the European Union’s recognition that the BVI fully complies with its tax good governance principles. This is as a result of close cooperation and positive dialogue with the EU and demonstrates the BVI’s commitment to meeting and surpassing international standards,” Premier Fahie stated.
“I, along with my Government, remain completely focused on ensuring the continued success of our international business and finance centre and its role in the global economy. We believe there will be significant opportunity for our territory and our people as we enhance our economic substance yet further,” he added.
According to the aforementioned media release, though the BVI was never added to the EU’s list of non-cooperative jurisdictions, it was placed on what is known as the Union’s Annexe ll while the EU “monitored the territory’s compliance in matters related to economic substance”.
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