BVI signs TIEA with Canada

As evidence of its continued commitment to transparency in the financial services industry and its compliance with international standards, the British Virgin Islands executed a much anticipated Tax Information Exchange Agreement (TIEA) with Canada on 21 May 2013.  The agreement is the 24th such agreement entered into by the British Virgin Islands Government.
 
The TIEA establishes a formal regime for the exchange of information between Canada and the British Virgin Islands relating to taxes and tax matters. The agreement will take effect once both Canada and the British Virgin Islands have notified the other of completion of the necessary internal procedures required under their respective laws.
 
It is anticipated that once the TIEA becomes effective, the British Virgin Islands will become a “designated treaty country” for the purposes of Canada’s Income Tax Regulations which should prove beneficial to persons who use or who are considering using British Virgin Islands companies in their corporate structures. 
 
Other jurisdictions which have entered into a TIEA with the British Virgin Islands include China, Germany and France.
 
For further information about the TIEA between Canada and the British Virgin Islands or on British Virgin Islands companies generally please contact Jacqueline Daley-Aspinall (jacqueline.daley-aspinall@harneys.com) or Lewis Chong (lewis.chong@harneys.com).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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