Regulatory Alerts2019-08-22
Mutual Legal Assistance (Tax Matters) Order, 2019
The Minister of the British Virgin Islands issued this Order to formally apply Part 1 of the Mutual Legal Assistance (Tax Matters) Act, 2003 to a bilateral agreement with the Netherlands Antilles for exchanging tax information. The agreement requires competent authorities to share foreseeably relevant data regarding income, payroll, and property taxes from financial institutions and legal entities, while permitting on-site examinations abroad and enforcing strict confidentiality. It establishes procedural timelines for processing requests, defines statutory grounds for declining assistance, and enters into force upon mutual notification of domestic compliance to enhance international tax transparency.
Share