British Virgin Islands and Cayman Islands implement internationally agreed tax standard

New Zealand has signed tax information exchange agreements with the British Virgin Islands and the Cayman Islands, bringing to 12 the number of agreements that the British Virgin Islands and the Cayman Islands have on exchange of information for tax purposes.

This moves both jurisdictions into the category of ‘Jurisdictions that have substantially implemented the internationally agreed tax standard’ in the Progress Report initially published by the OECD Secretariat on 2 April 2009.

Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, welcomed the signing: “Today the British Virgin Islands and the Cayman Islands take their place alongside other countries that have substantially implemented the internationally agreed tax standard. Six jurisdictions have moved into this category since April. We look forward to working further with the British Virgin Islands and Cayman Islands as they extend their network of agreements and work to swiftly and effectively implement them.”