Base Erosion and Profit Shifting (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 takes place.
As a member of the Inclusive framework on BEPS, the Virgin Islands has committed to implement the minimum standards of the 15 Measures created to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment.
All jurisdictions that are members of the Inclusive framework will participate in a peer review process, which allows members to review other members tax systems, identify and remove elements that presents a BEPS risk. Peer reviews the BEPS minimum standards that are essential to ensure effective implementation of the BEPS package.
See below for the minimum standards and other standards implemented in the Virgin Islands.