BVI Signs Tax Information Exchange Agreement with Poland

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The British Virgin Islands’ (BVI) government entered into its twenty-fifth tax information exchange agreement (TIEA) with the Republic of Poland on 29 November 2013. The BVIPoland TIEA supplements similar treaties entered into by the BVI in 2013 with Canada and Guernsey (Channel Islands).

This new treaty is not presently in force but will enter into force three months after the completion of domestic implementation procedures by both the BVI and Poland. Under the BVI’s domestic regime TIEAs are implemented through subsidiary legislation under the Mutual Legal Assistance (Tax Matters) Act, 2003 (“MLAT”). Past practice demonstrates that TIEAs tend be fully implemented and come into force approximately one year following signing.

The BVI-Poland TIEA is essentially consistent with the standard model template for TIEAs endorsed by its author, the OECD. It provides for the exchange of information on request between the competent authority in the BVI, the International Tax Authority acting on behalf of the Financial Secretary and the competent authority in Poland, the Minister of Finance. Polish taxes caught include personal income tax, corporate income tax and goods and services tax.

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