Regulatory Alerts2014-12-23
Mutual Legal Assistance (Tax Matters) (No. 5) Order, 2014
The Minister of the British Virgin Islands issued this Order to apply Part 1 of the 2003 Mutual Legal Assistance (Tax Matters) Act to a bilateral tax information exchange agreement with the Republic of Korea. The agreement mandates both jurisdictions’ competent authorities to exchange foreseeably relevant tax data, conduct cross-border examinations, and maintain strict confidentiality while preserving domestic legal safeguards. Covering specific income, payroll, and property taxes alongside Korea’s broader tax regime, the Order establishes standardized procedures for information requests, cost allocation, and dispute resolution effective upon final ratification.
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