Regulatory Alerts2014-10-23
Mutual Legal Assistance (Tax Matters) (No. 4) Order, 2014
The Minister 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 United Kingdom for automatic tax information exchange. The Order mandates BVI financial institutions to identify reportable accounts held by UK residents, apply due diligence procedures aligned with US Treasury regulations, and annually transmit account balances, interest, dividends, and gross proceeds to HMRC. Information for the initial reporting year of 2014 must be exchanged by September 30, 2016, with subsequent annual data submissions due within nine months after each calendar year-end to enhance international tax compliance and transparency.
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