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.