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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

News: Report on the United States Virgin Islands

Report on the United States Virgin Islands

4 Feb 2013

The United States Virgin Islands (USVI) was scheduled to undergo a Phase 1 review in the first half of 2012 and a Phase 2 review in the first half of 2013. After reviewing the particular circumstances of the USVI, the Global Forum finds that the relationship between the United States and the USVI is such that the conclusions of the United States’ own review may generally be extended to the USVI. In particular, the power of the IRS to obtain information in the possession or control of persons in the USVI and exchange this information with its treaty partners is clearly established, and the rules contained in the United States’ Internal Revenue Code regarding availability of ownership, identity and accounting information apply generally to entities and arrangements organised in the USVI pursuant to the “mirror code”. Consequently, the USVI has been removed from the schedule of reviews. Click on the link below to read the report.

http://oe.cd/ap