Exchange of Information Upon Request (EOIR)

The Convention On Mutual Administrative Assistance In Tax Matters (MAAC)

The MAAC is a multi-lateral instrument that provides a single legal basis for cooperation by the BVI on a multi-lateral basis. In addition to the exchange of information upon request, it also provides a mechanism for other types of Exchange of information such as spontaneous and automatic exchange.

Tax Information Exchange Agreements

A Tax Information Exchange Agreement (TIEA) is a bilateral agreement that has been negotiated and signed between two countries to establish a formal regime for the exchange of information relating to civil and criminal tax matters.

Automatic Exchange of Information (AEOI)

Common Reporting Standard (CRS)

The MAAC is a multi-lateral instrument that provides a single legal basis for cooperation by the BVI on a multi-lateral basis. In addition to the exchange of information upon request, it also provides a mechanism for other types of Exchange of information such as spontaneous and automatic exchange.

Foreign Account Tax Compliance Act (FATCA)

FATCA facilitate the reporting by BVI Financial Institutions about financial accounts held by US taxpayers or foreign entities in which those taxpayers hold a substantial ownership interest

Country-By-Country Reporting (CbCr)

Country-by-Country Reporting (CbC Reporting) applies to all large multinational entities (MNEs)with annual consolidated group revenue equal to or higher than EUR 750 Million in a fiscal year…

Spontaneous Exchange Of Information

Economic Substance

The Economic Substance requirements were introduced in the Virgin Islands via the Economic Substance (Companies and Limited Partnerships) Act, 2018 and amendments made to the Beneficial Ownership Secure Search System Act, 2017.

Base Erosion and Profit Shifting (BEPs)

Base Erosion and Profit Shifting (BEPs)

The Virgin Islands is a member of the Inclusive Framework on BEPs. BEPs relates to instances where the interaction of different tax rules leads to arrangements used to achieve no or low taxation by shifting profits away from the jurisdictions where the activities creating those profits take place.