BVI removed from EU Blacklist after tax reforms .
Photo: iStock The British Virgin Islands has been removed from the European Union’s (EU) blacklist of non-cooperative tax jurisdictions. The BVI is now listed as ajurisdiction that cooperates with
The British Virgin Islands has been removed from the European Union’s (EU) blacklist of non-cooperative tax jurisdictions.
The BVI is now listed as ajurisdiction that cooperates with the EU and has pending commitments to improve its tax compliance and reporting regime.
In a statement yesterday, the EU said the BVI was upgraded after it “amended its framework on exchange of information on request.”
The UK overseas territory has updated several laws including the BVI Business Companies Act and BVI Business Regulations.
The BVI will be reassessed according to the Organisation for Economic Co-operation and Development (OECD) standard and its status could be improved again, the EU added.
The BVI was added to the blacklist (Annex I) on February 14 along with Costa Rica, Marshall Islands and Russia.
BVI deputy premier and Minister for Financial Services Lorna Smith celebrated the territory’s removal from the blacklist.
In a statement, she said: “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.”
Trinidad and Tobago, Belize, US Virgin Islands, Turks and Caicos Islands, Antigua and Barbuda and The Bahamas among the 16 countries remaining on the EU’s non-compliance blacklist.
