E.U. Removes BVI From List of Non Cooperative Tax Jurisdictions; USVI Stays On

TORTOLA BVI — The British Virgin Islands has been removed from the European Union’s list of non cooperative jurisdictions for tax purposes. In making the announcement in the House of Assembly on Thursday, Premier Andrew A. Fahie said this is a significant outcome and sends a very important message about good governance, transparency and accountability in the British Virgin Islands. In March 2019, the EU recognized the BVI as compliant with its fair taxation principles and a cooperative jurisdiction. However, the BVI and 33 other jurisdictions were placed on the Grey List, jurisdictions that are cooperative but which have additional technical issues to be addressed. With that, the BVI engaged in negotiations with the EU and brought legislation before the House in the last quarter of 2019, in an effort to enhance its Economic Substance regime. Still on the list is the U.S. Virgin Islands, American Samoa, Fiji, Guam, Oman, Samoa, Trinidad and Tobago and Vanuatu, according to the Counc...