British Virgin Islands Removed from EU’s List of Non-Cooperative Tax Jurisdictions

The British Virgin Islands (BVI) has been removed from the European Union’s (EU) list of non-cooperative tax jurisdictions. This decision was made following a meeting of the EU’s Economic and Financial Affairs Council (ECOFIN) on October 17, 2023.

According to a statement from the EU Council, the BVI was removed from the list because it has made amendments to its framework on the exchange of information upon request. The jurisdiction will now be reassessed in accordance with the standards set by the Organisation for Economic Co-operation and Development (OECD). In the meantime, the BVI has been included in Annex II, which consists of jurisdictions committed to implementing reforms.

The legislative changes made by the BVI in 2022, including the BVI Business Companies Amendment Act and BVI Business Amendment Regulations, were instrumental in meeting the requirements set by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. These changes came into effect on January 1, 2023.

Honourable Lorna Smith, OBE, the BVI Minister for Financial Services, Labour, and Trade, expressed her satisfaction with the decision. She stated that the BVI is committed to upholding the highest international standards on transparency and regulation as a world-class international financial centre.

For more detailed information, you can refer to the EU press release provided in the link:

https://www.consilium.europa.eu/en/press/press-releases/2023/10/17/taxation-antigua-and-barbuda-belize-and-seychelles-added-to-eu-list-of-non-cooperative-jurisdictions-for-tax-purposes/