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VI removed from EU list of non-cooperative jurisdictions for tax purposes

Following a meeting of the European Union’s (EU’s) Economic and Financial Affairs Council (ECOFIN) today, October 17, 2023, the [British] Virgin Islands (VI) has been removed from the EU list of non-cooperative tax jurisdictions (Annex I). Photo: VINO/File
Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE has said, as a world-class international financial centre, the VI is committed to maintaining the highest international standards on transparency and regulation. Photo: GIS/File
Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE has said, as a world-class international financial centre, the VI is committed to maintaining the highest international standards on transparency and regulation. Photo: GIS/File
BRUSSELS, Belgium- Following a meeting of the European Union’s (EU’s) Economic and Financial Affairs Council (ECOFIN) today, October 17, 2023, the [British] Virgin Islands (VI) has been removed from the EU list of non-cooperative tax jurisdictions (Annex I).

In a statement, the EU Council noted that the “British Virgin Islands was removed from the list as it has amended its framework on exchange of information on request (criterion 1.2) and will be reassessed in accordance with the OECD standard. Pending this reassessment this jurisdiction has been included in Annex II.”

According to a press release from Government Information Service (GIS) today, this recognises the legislative changes (including BVI Business Companies Amendment Act 2022, and BVI Business Amendment Regulations 2022) made in 2022 and which came into force on January 1, 2023, to meet requirements set out by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes as part of its Peer Review Process. 

As such, the VI has now been reinstated to the state of play document (Annex II) which includes jurisdictions committed to implementing reforms.

VI is committed to highest transparency & regulation standards- Hon Lorna G. Smith, OBE

Commenting on the announcement, Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE said: “We welcome the announcement that the BVI has been removed from Annex I of the EU list, which reflects the current state of play in the BVI. 

“As a world-class international financial centre, the BVI is committed to maintaining the highest international standards on transparency and regulation.”

Two other jurisdictions also removed from the list are Costa Rica and Marshall Islands.

Meanwhile, the Council today also decided to add Antigua and Barbuda, Belize and Seychelles to the EU list of non-cooperative jurisdictions for tax purposes.

17 Responses to “VI removed from EU list of non-cooperative jurisdictions for tax purposes”

  • ... (17/10/2023, 19:15) Like (19) Dislike (13) Reply
    BVI on the more we sticking with the VIP all the way, only they can run this country.
  • apple pie (17/10/2023, 19:18) Like (68) Dislike (8) Reply
    Lorna is the hardest working Minister
    • @apple pie (17/10/2023, 19:26) Like (36) Dislike (2) Reply
      Hold on here. Lorna has helped but as someone who work in the industry I can say without fear of being contradicted that a lot of work was done before Lorna time as the Minister for the subject by many technical officers across the board and the former Minister of Finance. Also many legislation was passed before her time to accomplish this major achievement. She has helped but she cannot take nor get all the credit.
    • NDP supporter (17/10/2023, 22:26) Like (4) Dislike (4) Reply
      Ayo saying Lorna working but most people can't see a dam thing she doing.
  • East End woman (17/10/2023, 19:29) Like (11) Dislike (2) Reply
    Thank you Lorna, fahie and all our hard working public officers in government and fsc.BVI STRONG
  • vg youth (17/10/2023, 19:31) Like (13) Dislike (6) Reply
    I have no doubt the BVI people can run their own affairs. We are more well regulated than the UK although they behave as if nothing good happens in BVI.
  • next step (17/10/2023, 19:36) Like (8) Dislike (5) Reply
    Let BVI get the UK lawyer Cox report and challenge the high handedness of the UK with their modern day slavery whip in terms of the two order in council to suspend the BVI"s constitution and also to implement public registry without our permission to kill our financial services industry. This dictatorship must not be condoned.
  • Clueless (17/10/2023, 21:54) Like (1) Dislike (7) Reply
    All of y'all on here commenting should realize there is no victory to celebrate pretty soon they will move the goal post again and we'll be back to square one. Get a life.
    • @clueless (17/10/2023, 23:50) Like (4) Dislike (0) Reply
      You have a point but celebrate small victories and thank God for now. If the news came out saying the BVI was still on the blacklist then you and others would be posting comments all day killing the government. You all can't have it both ways. When they do good then just applaud them and move on.
  • smdh (17/10/2023, 22:28) Like (7) Dislike (4) Reply
    Lorna ain't doing jack. Somebody please name 10 things she do that benefit the common man since she take office. I am waiting...
  • Anonymous (18/10/2023, 03:06) Like (0) Dislike (5) Reply
    The bvi is in a good place, we have a strong government, strong deputy and strong ministers

    We marching with wheatley and we keeping Lorna in our corner and we adding the esteem to the team from d3 come next elections
  • History teaches (18/10/2023, 09:04) Like (0) Dislike (0) Reply
    If the EU doesn’t finish us off then ranking and collins will.
  • bvibuzz (18/10/2023, 10:16) Like (0) Dislike (0) Reply
    The big powers have a bow and an arrow pointed in the WRONG place bvi obeys the financial rules
  • jack@$$ (18/10/2023, 10:18) Like (0) Dislike (1) Reply
    Did we ever deserve to be on the list in the first place? Can't hate on Lorna's accomplishment, it benefits us all. Good work.
  • Forbidden Truth (18/10/2023, 15:10) Like (0) Dislike (0) Reply
    The 4king UK hates this.


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