Regulatory Alerts2014-10-23
Mutual Legal Assistance (Tax Matters) (Amendment of Schedule) Order 2014
The British Virgin Islands Minister of Finance issued this 2014 Order to amend the tax information exchange agreement with the United Kingdom by inserting new Articles 5A and 5B into its Schedule. These articles establish frameworks for the automatic and spontaneous transmission of foreseeably relevant tax data between competent authorities, enabling them to determine exchange items and procedures. The arrangement takes effect upon mutual notification of completed domestic procedures, applying to information exchanged from the later notification date regardless of the taxable period.
VIRGIN ISLANDS MUTUAL LEGAL ASSISTANCE (TAX MATTERS) (AMENDMENT OF SCHEDULE) ORDER, 2014 ARRANGEMENT OF SECTIONS Section
- Citation.
- Schedule 1 amended.
VIRGIN ISLANDS STATUTORY INSTRUMENT 2014 No. 74 MUTUAL LEGAL ASSISTANCE (TAX MATTERS) ACT, 2003 (No. 18 of 2003) Mutual Legal Assistance (Tax Matters) (Amendment of Schedule) Order, 2014 [Gazetted 23rd October, 2014] The Minister, in exercise of the power conferred by section 3 (2) of the Mutual Legal Assistance (Tax Matters) Act, 2003 (No. 18 of 2003) makes this Order.
- This Order may be cited as the Mutual Legal Assistance (Tax Matters) (Amendment of Schedule) Order, 2014.
- The Schedule to the Mutual Legal Assistance (Tax Matters) (No.2) Order, 2010 is amended in the Agreement made between the Government of the British Virgin Islands and Government of the United Kingdom of Great Britain and Northern Ireland by inserting immediately after Article 5 the following new Articles: "ARTICLE 5A Automatic Exchange of Information
- The competent authorities of the Parties may automatically transmit information to each other for the purposes referred to in Paragraph 1 (Scope of Agreement). The Parties shall determine the items of information to be exchanged pursuant to this Article and the procedures to be used to exchange such items of information.
- The competent authorities of the Parties may mutually agree on additional procedures to be used for the purposes of this Article. ARTICLE 5B Spontaneous Exchange of Information
- The competent authority of a Party may spontaneously transmit to the competent authority of the other Party information that has come to the attention of the first-mentioned competent authority and that the first-mentioned competent authority supposes to be foreseeably relevant to the accomplishment of the purposes referred to in Paragraph 1 (Scope of Agreement).
Citation Schedule 1 amended No. 18 of 2003
- Each of the Parties shall notify the other of the completion of the procedures required by its law for the bringing into force of this Arrangement. This Arrangement shall enter into force on the date of the later of these notifications and shall have effect for information exchanged on or after that date without regard to the taxable period to which the information relates.". Made by the Minister this 30th day of September, 2014. (Sgd) Dr. D. Orlando Smith, OBE, Minister of Finance.