Regulatory Alerts2016-05-04
Mutual Legal Assistance (Tax Matters) Order 2016
The Minister for Finance of the British Virgin Islands issued this Order to apply Part 1 of the Mutual Legal Assistance (Tax Matters) Act, 2003 to a bilateral agreement with the Isle of Man. The agreement mandates the reciprocal exchange of foreseeably relevant information concerning income, payroll, and property taxes, establishing detailed procedures for requested, automatic, and spontaneous disclosures. It defines competent authorities, outlines confidentiality and cost-sharing rules, and sets the entry into force date for most matters as January 1, 2016.
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