In the beginning of the year, France has added the British Virgin Islands on the blacklist as a non-cooperative territory in tax matters, along with three new countries – Anguilla, Bahamas and Seychelles. The total list of non-cooperative jurisdictions now includes 13 countries.
BVI Premier Andrew Fahie has responded to BVI blacklisting: in a statement released on January 9, he noted that taking this decision France had overlooked the good tax cooperation between them and the BVI. He also said: “As our treaty partner, we continue to cooperate with France on an ongoing basis to meet our treaty obligations. However, there appears to be a misunderstanding and possible miscommunication on certain matters which we are working with our French partners to resolve.”
Premier Fahie expressed his confidence that all outstanding tax-related issues will be addressed within the BVI’s Tax Information Exchange Agreement and the jurisdiction will be removed from the blacklist soon.
It is worth noting that the BVI government had to constantly amend the number of legislations, including the Beneficial Ownership Secure Search System (BOSSs) and the BVI Business Companies Act to keep the territory from being blacklisted by a number of international countries and agencies.