The Government of the Virgin Islands has signed its twenty-eighth Tax Information Exchange Agreement (TIEA) with the Government of the Isle of Man as the British Virgin Islands reinforces its commitment to comply with the international standards and the fight against tax evasion.
This TIEA, in addition to making provision for exchange of information upon request, also makes provision for automatic exchange of information between the Government of the British Virgin Islands and the Government of the Isle of Man, in accordance with the common reporting standards.
The TIEA was signed through an exchange of documents; Minister of the Isle of Man Treasury, Honourable William Edward Teare signed the TIEA on March 21, and Premier and Minister of Finance of the British Virgin Islands, Dr. the Honourable D. Orlando Smith, OBE signed on March 30. While the TIEA has been signed it is not yet in force. The TIEA will likely come into force at such time as both the British Virgin Islands and the Isle of Man enact local legislation ratifying the TIEA. The TIEA provides a mechanism between the competent tax authorities in the British Virgin Islands and the Isle of Man to exchange information for tax purposes in accordance with the current internationally agreed standards.
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