The British Virgin Islands (BVI) has signed a tax information exchange agreement (TIEA) with Japan in a move to strengthen its international relations.
The agreement was signed between minister of finance of the BVI Hon D. Orlando Smith and Keiichi Hayashi, Japanese Ambassador to the United Kingdom (UK) at the Japanese Embassy in London.
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The TIEA, based on the OECD model agreement, will allow both the tax authorities to exchange information for tax purposes in compliance with global agreed standards.
As part of the agreement, both the countries will exchange information by request on criminal and other tax matters.
Till date, BVI has signed 26 TIEAs in line with the current international exchange of information standard.
Smith said, "The agreement signed with Japan shows the BVI remains a constructive partner with governments across the globe in setting the highest standards of regulation. The BVI recognises Japan as an important partner in the financial services market and this TIEA provides a basis that will strengthen the relationship between Japan and the British Virgin Islands.
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By GlobalData"This is the 26th TIEA the BVI has now signed, and is clear evidence of the jurisdiction’s continued efforts to implement best-practice standards with regards to cross-border tax issues and financial regulation. It is also another step by BVI to deepen its commercial footprint in Asia," he added.
