Regulatory Alerts2011-07-12
Mutual Legal Assistance (Tax Matters) (Automatic Exchange of Information), 2011
The Virgin Islands Minister of Finance issued this Order to activate automatic exchange of information under Section 17 of the Mutual Legal Assistance (Tax Matters) Act, 2003. The legislation takes effect on January 1, 2012 and requires the competent authority to apply and transfer withholding tax for the 2011 tax year in accordance with Section 16 of the Act. This statutory transition establishes a continuous framework for international tax data sharing while preserving pre-2012 withholding obligations.
VIRGIN ISLANDS MUTUAL LEGAL ASSISTANCE (TAX MATTERS) (AUTOMATIC EXCHANGE OF INFORMATION) ORDER, 2011 ARRANGEMENT OF SECTIONS Section
- Citation.
- Transition to automatic exchange of information.
VIRGIN ISLANDS STATUTORY INSTRUMENT 2011 NO. 40 MUTUAL LEGAL ASSISTANCE (TAX MATTERS) ACT, 2003 (NO. 18 OF 2003) Mutual Legal Assistance (Tax Matters) (Automatic Exchange of Information) Order, 2011 [Gazetted 12th July, 2011] The Minister, in exercise of the powers conferred on him by section 17 (1) of the Mutual Legal Assistance (Tax Matters) Act, 2003 (No. 18 of 2003), makes this Order. Citation. 1. This Order may be cited as the Mutual Legal Assistance (Tax Matters) (Automatic Exchange of Information) Order, 2011. Transition to 2. (1) Section 17 of the Mutual Legal Assistance (Tax Matters) Act, 2003 shall automatic come into effect on the 1st day of January, 2012. exchange of information. (2) For the tax year ending 31st December, 2011, the competent authority shall Act No. 18 of apply withholding tax for that year and any withholding tax levied shall be transferred as 2003. provided in section 16 of the Act notwithstanding that that section ceases to have effect from 1st January, 2012. Made by the Minister this 11th day of July, 2011. (Sgd.)Ralph T O’Neal Minister of Finance