Press Release

Premier's Office
Release Date:
Wednesday, 22 June 2016 - 10:30am

Financial Secretary, Mr. Neil Smith and Permanent Secretary in the Premier's Office, Mr. Brodrick Penn represented the Territory at a meeting on anti-tax avoidance in Brussels last week.

The officials joined other technical experts from the Overseas Countries and Territories (OCTs) and the European Commission (DG TAXUD, DGDEVCO) at a OCT/EU Financial Services Partnership Working Party (PWP) on June 17.

Discussions were held on the EU's anti-tax avoidance package in response to Base Erosion and Profit Shifting (BEPS), which included the treatment of Third Country Jurisdictions in relation to tax good governance.

Mr. Smith said, "The exchange was useful in understanding the EU's approach to international tax issues and for us to clarify the international standards BVI meets on tax as a member of the OECD Global Forum."

The delegation also presented on the BVI's critical role in the world economy and modifications to the jurisdiction’s robust regulatory regime.

Mr. Penn stated, "We highlighted how BVI enables global commerce, while continuing to meet Financial Action Task Force and other international standards on transparency which helps to maintain the integrity of the global financial system."

BVI London Office Director and United Kingdom/European Union Representative, Mr. Benito Wheatley co-chaired the meeting on behalf of the British Virgin Islands Government, along with the European Commission.