Bermuda

The British Virgin Islands, Gibraltar & Bermuda sign tax agreement with UK


By added on 02/12/2013

The British Virgin Islands, Gibraltar, Montserrat, the Turks and Caicos Islands and Bermuda have signed tax information sharing agreements with UK Government, reports International Adviser.

The agreements are similar to those signed by Jersey, Guernsey, the Isle of Man and the Cayman Islands last month.

The news comes as the Treasury announced that Luxembourg, Liechtenstein, Colombia, Greece, Iceland and Malta have agreed to automatically share information on UK taxpayers with HM Revenue & Customs through the G5’s pilot initiative launched by the G5 on automatic exchange of tax information.

In addition to signing the tax information sharing agreements, the UK’s Crown Dependencies and Overseas Territories have also agreed to be part of the G5 multi-lateral information sharing pilot.

The finance ministers of France, Germany, Italy, Spain and the UK said in a joint statement:

“We very much welcome the announcement by Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta to join the pilot initiative launched by the G5 on automatic exchange of tax information.

“The new global standard, to be finalised early next year, will mark a step change in our ability to clamp down on tax evasion. In making this commitment and joining the large number of jurisdictions that have committed to date, Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta have recognised that those jurisdictions which will prosper in the future will be those which embrace tax transparency and work cooperatively to tackle tax evasion.”