Arab Press

بالشعب و للشعب
Saturday, Jun 21, 2025

Valentine’s gift? EU lists VI as a non-cooperative tax jurisdiction

Valentine’s gift? EU lists VI as a non-cooperative tax jurisdiction

Following a meeting of the Council of the European Union (EU) on Valentine’s Day, today, February 14, 2023, the [British] Virgin Islands (VI) has been added to the EU list of non-cooperative tax jurisdictions (Annex I).

In a statement, the EU Council found that the VI was not sufficiently in compliance with the OECD standard on exchange of information on request (criterion 1.2). It also noted that this is the first time the VI has been included in the list.

Other countries added to the EU list of non-cooperative jurisdictions are Costa Rica, the Marshall Islands, and Russia.

The EU Council said it "regrets that these jurisdictions are non-cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues.”

Recent legislative changes not recognised

The Government of the Virgin Islands has swiftly issued a press release stating that the Territory is committed to complying with evolving international standards on transparency and the fight against financial crime.

It also said the compliance status of the VI is not accurately reflected, since recent legislative developments were not considered by the Organisation for Economic Cooperation and Development (OECD).

“Legislative changes (including BVI Business Companies Amendment Act 2022, and BVI Business Amendment Regulations 2022) made in 2022 and which came into force on 1 January 2023, evidence the steps put in place to meet requirements set out by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes as part of its Peer Review Process.

“These key legislative developments were not recognised in the most recent OECD Peer Review rating given to the BVI in November 2022, which moved BVI from ‘largely compliant’ to ‘partially compliant’. As a ‘largely compliant’ rating is one of the criteria that determines the “EU List of Non-cooperative Jurisdictions for Tax Purposes” (EU List), the BVI has been added to Annex I as a formality and matter of process,” the VI Government stated in the press release.

The Government of the Virgin Islands has swiftly issued a press release stating that the compliance status of the VI is not accurately reflected, since recent legislative developments were not considered by the Organisation for Economic Cooperation and Development (OECD).

Supplementary review requested

It said this is noted by the EU Council which states that this is the ‘first time’ the VI has been included in the EU list (Annex I) and reflects the compliance process of the ‘OECD standard on exchange of information on request (criterion 1.2)’.

“As such, the BVI Government has requested that a supplementary review be granted by the OECD Global Forum that will more accurately reflect the BVI’s current legislative status. Following a supplementary review, the BVI is hopeful that a “largely compliant” rating will be reinstated. This should then ensure the BVI is moved back to Annex II of the EU List, reflecting jurisdictions that have committed to implementing reforms.”

The Government of the Virgin Islands said the VI is a world-class international financial centre, committed to high international standards on transparency and regulation and offering a premier business-friendly jurisdiction facilitating global investment and trade.
The EU Council said it 'regrets that these jurisdictions are non-cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues.'


EU List

The EU list now consists of 16 jurisdictions, including American Samoa, Anguilla, the Bahamas, the [British] Virgin Islands, Costa Rica, Fiji, Guam, Marshall Islands, Palau, Panama, Russia, Samoa, Trinidad and Tobago, the Turks and Caicos Islands, the US Virgin Islands, and Vanuatu.

Meanwhile, Hong Kong and Malaysia were granted an extension of the deadline to complete the reform of their foreign source income exemption regimes.

Qatar was also granted an extension because it faced constitutional reform constraints to complete its reform on time.

At the same time, Barbados, Jamaica, North Macedonia, and Uruguay fulfilled their commitments and could therefore be removed from the document, the EU Council said.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×