Taxation in British Virgin Islands

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Transparency and tax campaigners are clashing with officials from the British Virgin Islands (BVI) over a new report claiming the Caribbean islands are not a tax haven.

Mainland Chinese and Hong Kong companies accounted for more than 40 per cent of the US$1.5 trillion in assets mediated through the British Virgin Islands, underscoring the offshore investment centre’s growing status as a hub for Chinese overseas investment, according to new research issued on Thursday.

The British Virgin Islands, Gibraltar, Montserrat, the Turks and Caicos Islands and Bermuda have signed tax information sharing agreements with the UK Government.

The British Virgin Islands’ leader said Tuesday that the Caribbean territory with a major offshore financial sector has started talks with the U.S. Treasury to comply with a law designed to crack down on offshore tax evasion.

The Government of Japan and the Government of the British Virgin Islands will initiate negotiations for a tax agreement centred on the exchange of information, on April 18th (Thur.) and 19th (Fri.) in New York.

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