The British Virgin Islands (BVI) was removed from the European Union’s (EU) blacklist of non-cooperative tax jurisdictions.
The EU has recognized the BVI as a jurisdiction that actively cooperates and has committed to enhancing its tax compliance and reporting mechanisms.
Amendments pave the way for upgrade
The EU, in an official statement released recently, applauded the BVI’s efforts to bolster its framework for the exchange of information upon request.
The BVI achieved this milestone by introducing key amendments, notably within the BVI Business Companies Act and BVI Business Regulations. These legislative adjustments signify the BVI’s commitment to align itself with international tax standards and foster transparency.
Ongoing evaluation by OECD
The Organization for Economic Co-operation and Development (OECD) will continue to evaluate the BVI’s adherence to international standards. As a result, the BVI’s status may see further improvements in the near future.
A celebration of progress
Previously included on the EU’s non-cooperative tax jurisdiction list on February 14, alongside Costa Rica, Marshall Islands, and Russia, the BVI’s removal from this list has garnered acclaim from its Deputy Premier and Minister for Financial Services, Lorna Smith.
In a statement, she expressed her appreciation for the EU’s recognition and emphasized the BVI’s dedication to maintaining the highest standards of transparency and regulation.
“We welcome the announcement that the BVI has been removed from Annex I of the EU list, which reflects the current state of play in the BVI. As a world-class international financial centre, the BVI is committed to maintaining the highest international standards on transparency and regulation,” she said.
Remaining countries on EU’s blacklist
While the BVI celebrates its new status, other jurisdictions remain on the EU’s non-compliance blacklist.
These include Trinidad and Tobago, Belize, the US Virgin Islands, Turks and Caicos Islands, Antigua and Barbuda, and The Bahamas, among others.
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