Regulatory Alerts2010-12-22
Mutual Legal Assistance (Tax Matters) (No. 5) Order, 2010
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 tax information exchange agreement with Portugal. The agreement mandates competent authorities to exchange foreseeably relevant tax and criminal tax information upon request, covering bank records, beneficial ownership, and cross-border tax examinations. It establishes strict confidentiality, safeguards against disproportionate costs or public policy conflicts, and ensures the exchange operates without prejudicial measures while remaining in force indefinitely until terminated by either party.
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