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BVI Joins OECD Multilateral Convention

by Mike Godfrey, Lowtax.net, New York
03 December, 2013

The British Virgin Islands has said that it was granted inclusion in the Organization for Economic Co-operation and Development's (OECD's) Multilateral Convention on Mutual Assistance on Tax and Administrative Matters during the recent annual meeting of the OECD Global Forum in Jakarta, Indonesia.

The government of the British Virgin Islands committed to joining the Convention ahead of this year's G8 Summit in Northern Ireland, and the United Kingdom government deposited such a declaration to the OECD on November 21, 2013.

The Convention exists to facilitate the multilateral exchange of tax information between its members.

It was also extended to Anguilla, Bermuda, Cayman Islands, Gibraltar, Montserrat, and Turks & Caicos at the Jakarta meeting. Earlier in the month Andorra, Hungary, Switzerland, Chile and Monaco signed letters of intent to join the Convention.

Premier of the Virgin Islands Orlando Smith, said: "The Multilateral Convention further enhances the information exchange regime currently in effect within the BVI and is firm evidence of our commitment to meet and exceed global standards on tax transparency while yet being a premier jurisdiction to do business in financial services."

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