The British Virgin Islands Financial Investigation Agency (BVI FIA) has signed six Memoranda of Understanding (MOU) with the Financial Intelligence Units of the following countries: Russia, Moldova, Macedonia, Poland, Australia and Montenegro. On behalf of the BVI FIA, the MOUs were signed by its Director Mr Errol George.
The MOUs were signed with the purpose to foster cooperation between the BVI FIA and the Financial Intelligence Units from other countries, which are all members of the Egmont Group of Financial Intelligence Units, with respect to the exchange of financial information and intelligence in support of the investigation and prosecution of persons suspected of money laundering and/or terrorism financing.
The Memoranda of Understanding were signed at the 19th Egmont Group's Plenary held in Yerevan, Armenia on July 11-15, 2011.
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Showing posts with label BVI and Australia. Show all posts
Showing posts with label BVI and Australia. Show all posts
Friday, August 26, 2011
Thursday, May 27, 2010
Offshore Agreement Signed Between BVI and Australia
By the announcement of the Australian government, the Additional Benefits Agreements between Australia, the British Virgin Islands, the Isle of Man and Jersey have come into force.
These agreements help to prevent double taxation by allocation of the taxing rights over certain income of pensioners, students and government employees - residents of Australia, the British Virgin islands, the Isle of Man and Jersey. This kind of agreement also provides for a mechanism to deal with disputes arising from transfer pricing adjustments.
The Additional Benefits Agreement with the British Virgin Islands entered into force on April 12, 2010. As well as the other two jurisdictions, BVI have also signed TIEA with Australia.
By words of Assistant Treasurer, Senator Nick Sherry, these arrangements are part of the new taxation and financial relationship between Australia and the jurisdictions.
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These agreements help to prevent double taxation by allocation of the taxing rights over certain income of pensioners, students and government employees - residents of Australia, the British Virgin islands, the Isle of Man and Jersey. This kind of agreement also provides for a mechanism to deal with disputes arising from transfer pricing adjustments.
The Additional Benefits Agreement with the British Virgin Islands entered into force on April 12, 2010. As well as the other two jurisdictions, BVI have also signed TIEA with Australia.
By words of Assistant Treasurer, Senator Nick Sherry, these arrangements are part of the new taxation and financial relationship between Australia and the jurisdictions.
Article any source
Thursday, April 16, 2009
BVI Listing in OECD Report: Statement of BVI Premier Ralph O'Neal
The report published by OECD after the G-20 summit, which classified financial centres by their progress towards the “internationally agreed tax standard”, gave rise to the sharp reaction of some countries, which were included on the “grey list” - among them Switzerland, Luxembourg and Belgium.For BVI, which was expected to pass through the international inspection, it also became somehow disappointing to get into the grey category.
This was told by BVI Premier Ralph O'Neal in the press release issued on the G20 Summit and an Organisation for Economic Co-operation and Development (OECD) Progress Report. By his words, the BVI is disappointed that the format of the listings does not recognise its long standing commitment and implementation of international standards.
Yet, the Premier said that the business in BVI will be as usual, regardless of the ranking, and said the territory would provide continuing support in promoting transparency. Ralph O'Neal said, "We are aware that the G-20 Leaders intend to develop further proposals on financial regulation and we will also be monitoring these closely ... As a co-operative member of the global community, the BVI will continue to adopt international regulatory standards of best practice as they emerge."
BVI are planning to continue negotiations with OECD countries for conclusion of Tax Information Exchange Agreements. Currently, there are three TIEAs signed by the territory with the US, the UK, and Australia. In his statement, the Premier announced that the number of TIEAs will come to ten on May 18, when it signs seven agreements with “the Nordic countries.”
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This was told by BVI Premier Ralph O'Neal in the press release issued on the G20 Summit and an Organisation for Economic Co-operation and Development (OECD) Progress Report. By his words, the BVI is disappointed that the format of the listings does not recognise its long standing commitment and implementation of international standards.
Yet, the Premier said that the business in BVI will be as usual, regardless of the ranking, and said the territory would provide continuing support in promoting transparency. Ralph O'Neal said, "We are aware that the G-20 Leaders intend to develop further proposals on financial regulation and we will also be monitoring these closely ... As a co-operative member of the global community, the BVI will continue to adopt international regulatory standards of best practice as they emerge."
BVI are planning to continue negotiations with OECD countries for conclusion of Tax Information Exchange Agreements. Currently, there are three TIEAs signed by the territory with the US, the UK, and Australia. In his statement, the Premier announced that the number of TIEAs will come to ten on May 18, when it signs seven agreements with “the Nordic countries.”
Article any source
Wednesday, October 29, 2008
BVI and Australia Governments Sign Tax Information Exchange Agreement
The Premier of the British Virgin Islands (BVI) Hon. Ralph O’Neal and the Australian Assistant Treasurer and Minister for Competition Policy and Consumer Affairs Chris Bowen signed Tax Information Exchange Agreement (TIEA), which provides for full exchange of information on request in both criminal and civil tax matters.
The document is based on the existing legislation in both countries, already providing for mutual legal assistance in criminal matters. Now both governments will share information to eliminate harmful tax practices. The agreement reflects the commitment of the governments of Australia and BVI to implement OECD principles of transparency and effective information exchange, and international standards on anti-money laundering and counter-terrorism financing. The Australian Government has welcomed the BVI admission as a full member to the International Organisation of Securities Commissions, where it joins more than 100 jurisdictions with recognised high standards of regulation and compliance.
According to the TIEA, Australia and the BVI have agreed not to apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals. Australia will not refer to the BVI as a 'tax haven' on the governmental level, and instead it will list the jurisdiction in the Taxation Administration Regulations 1976 as an 'information exchange country'. As a result of the changed status of the BVI, its residents will receive access to reduced withholding tax rates on distribution of certain income they may receive from Australian managed investment trusts.
This is the fourth Tax Information Exchange Agreement for Australia as one of the leading countries implementing international co-operation on tax matters, and the second for the BVI.
Also, Australia and the BVI have signed an agreement for the allocation of taxation rights with respect to certain income of individuals, which will provide benefits to Australian and BVI residents. Both countries also agreed to enter into discussions to develop further co-operation in areas of mutual interest.
Ralph O'Neal in his comments welcomed Australia's recognition of the high regulatory standards set by the BVI, and the continuing engagement of the financial centre in the OECD’s Global Forum on Taxation.
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The document is based on the existing legislation in both countries, already providing for mutual legal assistance in criminal matters. Now both governments will share information to eliminate harmful tax practices. The agreement reflects the commitment of the governments of Australia and BVI to implement OECD principles of transparency and effective information exchange, and international standards on anti-money laundering and counter-terrorism financing. The Australian Government has welcomed the BVI admission as a full member to the International Organisation of Securities Commissions, where it joins more than 100 jurisdictions with recognised high standards of regulation and compliance.
According to the TIEA, Australia and the BVI have agreed not to apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals. Australia will not refer to the BVI as a 'tax haven' on the governmental level, and instead it will list the jurisdiction in the Taxation Administration Regulations 1976 as an 'information exchange country'. As a result of the changed status of the BVI, its residents will receive access to reduced withholding tax rates on distribution of certain income they may receive from Australian managed investment trusts.
This is the fourth Tax Information Exchange Agreement for Australia as one of the leading countries implementing international co-operation on tax matters, and the second for the BVI.
Also, Australia and the BVI have signed an agreement for the allocation of taxation rights with respect to certain income of individuals, which will provide benefits to Australian and BVI residents. Both countries also agreed to enter into discussions to develop further co-operation in areas of mutual interest.
Ralph O'Neal in his comments welcomed Australia's recognition of the high regulatory standards set by the BVI, and the continuing engagement of the financial centre in the OECD’s Global Forum on Taxation.
Article any source
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