The British Virgin Islands Government is pleased to announce its commitment to the process of joining the Organisation for Economic Co-operation and Development’s (OECD’s) full Inclusive Framework for Base Erosion Profit Shifting (BEPS). The commitment is scheduled to be formalised in Q1 2017, once the application process is completed.
The BVI Government has already said it will take forward legislative proposals to introduce country by country reporting, a core element of BEPS.
On Tuesday of this week, the BVI hosted the conference –“Current Developments in International Taxation and the Impact on Caribbean Jurisdictions” – which was jointly chaired by the Ministry of Finance, the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith in his welcome remarks encouraged the delegates to take full opportunity of the unique chance to exchange views on the recent and upcoming changes to international taxation regulations.
Following the successful conclusion of the meeting, the OECD’s Director of the Centre for Tax Policy and Administration Pascal Saint-Amans, said: “It is the legitimate right of jurisdictions to determine what their own tax systems look like and I was pleased to note the pledge by the British Virgin Islands Government to bring forward legislative proposals to introduce country by country reporting, a core element of BEPS. I look forward to working in partnership with the British Virgin Islands Government as we move forward and welcome its commitment to join the full Inclusive Framework in due course.”
The list of attendees included 18 high-level officials from Turks and Caicos Islands, Saint Maarten, Cayman Islands, Bahamas, St. Kitts and Nevis, Jamaica, Dominican Republic, Belize, Montserrat, Anguilla, BVI and Barbados. Prime Minister of Antigua and Barbuda, the Honourable Gaston Browne was also in attendance.
Head of the Secretariat of the Global Forum on Transparency and Exchange of Information, Monica Bhatia, provided an overview of the state of implementation of the international standards in the region. She also outlined the steps needed to ensure that the jurisdictions in the Caribbean are able to navigate the ongoing challenges successfully and discussed recent proposals by the Global Forum and other bodies aimed at ensuring effective implementation of these standards.
Throughout the event, delegates were given the opportunity to raise various questions and concerns pertaining to the implications of the BEPS package for the region.
“I was delighted to visit the British Virgin Islands for the first time to discuss the BEPS initiative in more detail with colleagues from around the Caribbean and I thank the British Virgin Islands Government for their leadership in hosting and co-chairing the meeting,” added Mr Saint-Amans.