ARTICLE
11 June 2013

BVI Signs TIEA With Canada

H
Harneys

Contributor

Harneys is a full-service offshore law firm offering expert legal advice on the laws of jurisdictions including the British Virgin Islands, Cayman Islands, Luxembourg, and more. Established in 1960, the firm has grown to 11 global locations with over 180 lawyers, serving top law firms, financial institutions, investment funds, and high-net-worth individuals. Harneys provides comprehensive legal support across transactional, contentious, and private client matters, often in collaboration with Harneys Fiduciary, which delivers corporate and wealth management services. Known for its role in shaping offshore jurisprudence, the firm also advises on legislative developments and excels in handling complex cross-border transactions and disputes.

As evidence of its continued commitment to transparency in the financial services industry and its compliance with international standards, the British Virgin Islands executed a much anticipated Tax Information Exchange Agreement (TIEA) with Canada on 21 May 2013.
British Virgin Islands Tax

As evidence of its continued commitment to transparency in the financial services industry and its compliance with international standards, the British Virgin Islands executed a much anticipated Tax Information Exchange Agreement (TIEA) with Canada on 21 May 2013. The agreement is the 24th such agreement entered into by the British Virgin Islands Government.

The TIEA establishes a formal regime for the exchange of information between Canada and the British Virgin Islands relating to taxes and tax matters. The agreement will take effect once both Canada and the British Virgin Islands have notified the other of completion of the necessary internal procedures required under their respective laws.

It is anticipated that once the TIEA becomes effective, the British Virgin Islands will become a "designated treaty country" for the purposes of Canada's Income Tax Regulations which should prove beneficial to persons who use or who are considering using British Virgin Islands companies in their corporate structures.

Other jurisdictions which have entered into a TIEA with the British Virgin Islands include China, Germany and France.

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