Regulatory Alerts2018-01-18
Mutual Legal Assistance (Tax Matters) Order 2018
The British Virgin Islands Minister for Finance issued this Order to implement an automatic exchange of financial account information agreement between the British Virgin Islands and the United Kingdom. The Order applies Part 1 of the 2003 Mutual Legal Assistance Act to mandate British Virgin Islands financial institutions to identify United Kingdom reportable accounts, conduct due diligence under the OECD Common Reporting Standard, and annually transmit account balances, income data, and taxpayer details to UK authorities. It establishes strict confidentiality and data protection safeguards, outlines procedures for compliance monitoring and error correction, and defines the conditions for suspending or terminating the agreement.
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