29 Oct 088 Exchange of information agreement with British Virgin IslandsAustralia has signed a Tax Information Exchange Agreement (TIEA) with the British Virgin Islands (BVI) (Assistant Treasurer, Press Release No 89, 28 October 2008). Amongst the provisions in the TIEA, Australia and the BVI have agreed not to apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals while the TIEA is in force and effective. Further, Australia will remove any governmental references to the BVI as a 'tax haven' and will list the BVI as an 'information exchange country' in the Taxation Administration Regulations 1976.
In addition, Australia and the BVI signed an Agreement for the Allocation of Taxing Rights with Respect to Certain Income of Individuals. This Agreement will allocate taxing rights over certain income derived by government employees and students.
For a copy of the Australia-BVI TIEA documents go here.
For a copy of the Assistant Treasurer's Press Release No 89, 28 October 2008 go here.