The drive for BVI tax initiatives stems from increased pressure from the United States (US) and United Kingdom (UK) on the Foreign Account Tax Compliance ACT (FATCA) and automatic information exchange agreements, along with a recent poor compliance rating from the Organisation for Economic Cooperation Development (OECD) and blacklisting by the French government, our reputation (and, consequently, customer demand) has declined.
Fully rolling out US and UK FATCA requirements and engaging France and the OECD to improve compliance ratings will help improve our image in a world where the reputation of international financial centres is growing ever more important.
The path to executing these BVI tax initiatives is clear and government has already begun the process (for example, both US and UK FATCA have been signed and work is underway to fulfil all requirements).
The Financial Services Implementation Unit comprises a team of professionals who are responsible for managing performance and driving delivery, as well as problem-solving critical issues and providing working teams with additional support. It is responsible for defining and syndicating the targets, milestones, and responsibilities, setting up monitoring and tracking tools to report on progress from all ten initiatives. The unit also helps teams to work across organisational boundaries, pooling knowledge and expertise from the public and private sectors and between government ministries.