For more information, please contact Aki Corsoni-Husain by phone (357 25 820020) or e-mail (firstname.lastname@example.org). You can also contact Mirza Manraj at Harneys` Hong Kong office by phone (852 5806 7800) or by email (email@example.com). The Harneys website is available at www.harneys.com. While the AIA regime requires financial institutions to exchange fair and formulistic and anodic data on the accounts of foreign taxpayers on their books, the “on request” regime deals with specific and potentially in-depth investigations into the issues of designated and designated taxpayers with offshore or international holdings. Such investigations generally take place, but not exclusively, as a result of data leaks involving international financial centres. In June 2009, Ralph O`Neal, CEO of BVI, announced the conclusion of an agreement on the exchange of tax information with France. With the signing of the agreement, the number of agreements in the British Virgin Island amounts to eleven, which is not only considered “totally compliant” with the OECD`s principles of transparency and information exchange. The convention was extended by the United Kingdom to the Virgin Islands and came into force on 1 March 2014. The convention was jointly drawn up in 1988 by the Organisation for Economic Co-operation and Development (OECD) and the Council of Europe and amended in 2010 by the Protocol.
The Convention is a multilateral instrument that allows all forms of tax cooperation to combat tax evasion. More information about the convention is available on the OECD website. The agreement is an important step for the region, O`Neal noted, underscoring the court`s continued commitment to ensuring transparency in the functioning of the financial services sector and the principles of good governance, although the G20 rate has been exceeded by 12 TIEA. In August 2009, the BVI signed its 12th Tax Information Exchange Agreement (TIEA) after reaching an agreement with New Zealand. In addition to TIEA, Australia and BVI have signed an agreement on the allocation of tax duties for certain personal income, which provide benefits to Australian residents and BVI residents.