Regulatory Alerts2010-03-30
Mutual Legal Assistance (Tax Matters) (No. 2) Order, 2010
The Minister of the Virgin Islands issued this Order to formally apply Part 1 of the Mutual Legal Assistance (Tax Matters) Act, 2003 to bilateral agreements between the United Kingdom and the Virgin Islands. The Order incorporates treaties governing the exchange of tax-related information and the avoidance of double taxation, establishing detailed procedures for competent authorities to request, provide, and verify financial and ownership data across jurisdictions. It defines the scope of covered taxes, mandates confidentiality, permits cross-border tax examinations, and includes safeguards to prevent prejudicial measures based on harmful tax practices from disrupting the agreements.
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