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OECD report commends the BVI’s transparency standards

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Following Tax Journal’s report, Issue 1274 on OECD new peer review reports on the implementation of the international standard for exchange of information (www.bit.ly/1Tq2ANY), British Virgin Islands (BVI) has been rated ‘largely compliant’ for its approach to tax transparency and exchange of information, in the supplementary peer review report published by the Global Forum on transparency and exchange of information for tax purposes, a taskforce set up by the OECD in Paris. The review of the BVI analysed the practical implementation of the jurisdiction’s exchange of information framework and commended the quality of the BVI’s responses to exchange of information requests, as well as the timeliness of their responses in relation to the number of requests received.

Premier of BVI, Orlando Smith OBE said, ‘The BVI has a long track-record of meeting, and exceeding, the highest international regulatory and transparency standards and continues to do so today.  We are very pleased that this has been recognised by the OECD. The BVI has been a pioneering global financial centre for over 30 years and this latest endorsement demonstrates how the jurisdiction continues to evolve and maintain its competitive advantage.   We remain committed to engaging with the OECD and our other international partners to help exceed and enhance international standards of tax transparency and regulation.’

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