Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith OBE, joined 50 other ministers of finance and competent authorities in Berlin Germany in signing the Multilateral Competent Authorities Agreement.
The agreement was inked on October 29, and on the heels of the seventh meeting of the Global Forum on Tax Transparency for the Exchange of Information for Tax Purposes.
Premier Smith stated, “This event confirms the Virgin Islands’ strong commitment to the global effort to promote tax transparency and fairness.”
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) was extended to the Virgin Islands by the United Kingdom on March 1 by request from the Government of the Virgin Islands.
The Multilateral Competent Authorities Agreement enables automatic exchange under the MAAC.
The MAAC is widely held as a positive step in meeting the global standard on tax transparency and fairness. It allows the exchange of information, by request, between any two signatories to the MAAC. Additionally it is automatically and spontaneously subject to bilateral mutual agreement between the relevant treaty partners.