The EU has announced it is has added the British Virgin Islands (BVI) to its list of non-cooperative jurisdictions for tax purposes. The BVI Government has since issued a statement highlighting that it has already introduced legislation to address the EU Council's concerns but the legislative changes, which came into effect in January, were not recognised in the most recent OECD peer review rating. The BVI has requested a supplementary review to more accurately reflect the current legislative status with a view to having the BVI removed from the list as soon as possible.
The inclusion of the BVI will have limited or no direct immediate consequences for investors or institutions using BVI structures. Please click the button below to read our full advisory note.
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