The BVI recently co-chaired a European Union (EU) meeting on international tax cooperation between the Overseas Countries and Territories (OCTs) and the European Commission.
Among the issues discussed at the OCT-EU Financial Services Partnership Working Party in November in Brussels, were the EU’s development of a list of non-cooperative jurisdictions for tax purposes; an EU initiative for Members States’ automatic exchange of beneficial ownership for tax purposes; and the OCT’s perspectives on the OECD’s international tax reform agenda, which included the Base Erosion and Profit Shifting (BEPS) Inclusive Framework, Common Reporting Standard (CRS) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
BVI EU Representative, Benito Wheatley co-chaired the meeting on behalf of the Territory alongside EU officials including Mr. Gauthier Charles De La Brousse, Head of the Governance, International Issues and Double Taxation Sector.
Speaking on the outcome of the meeting, Mr. Wheatley said there was a fruitful exchange which provided greater clarity on the EU’s plans and process for the development of a list of non-cooperative jurisdictions for tax purposes by the end of 2017; and the OCTs perspectives on the OECD’s international tax reform agenda.
Mr. Wheatley added, “The OCTs’ dialogue with the EU on financial services will be important going forward to ensure there is a clear understanding by the EU of the OCTs’ positions as international finance centres and a clear understanding by the OCTs of the EU’s policy objectives on tax and transparency.”
The Financial Services Partnership Working Party brought together technical experts and representatives from Anguilla, Aruba, Bermuda, British Virgin Islands, Cayman Islands, Curacao, Greenland, Montserrat, New Caledonia and Turks & Caicos Islands; the European Commission, represented by DG DEVCO and DG TAXUD; and EU Member States France and the United Kingdom.
Financial Secretary, Mr. Neil Smith and Permanent Secretary in the Premier’s Office, Mr. Brodrick Penn participated as the BVI’s technical experts and made representation on behalf of the Territory.
The BVI Government is the Co-Chair of the OCT-EU Financial Services Partnership Working Party in Brussels, represented by EU Representative and Director of the BVI London Office, Mr. Benito Wheatley.