Regulatory Alerts2014-08-20
Mutual Legal Assistance (Tax Matters) (No. 2) Order, 2014
The British Virgin Islands Minister for Finance issued this Order to apply Part I of the 2003 Mutual Legal Assistance (Tax Matters) Act to a bilateral agreement with Japan for the exchange of tax-related information. The agreement mandates competent authorities to obtain and provide requested data regarding financial institutions, ownership structures, and trusts within sixty to ninety days, while permitting cross-border tax examinations. It establishes strict confidentiality safeguards, defines jurisdictional boundaries and applicable taxes, and permits either party to decline requests that conflict with public policy or disclose protected commercial secrets.
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