Mutual Legal Assistance (Tax Matters) (Amendment of Schedule 1) Order, 2015 (SI 2015 No. 63)

Summary

This is a Statutory Instrument (SI 2015 No. 63) made by the Minister of Finance under the Mutual Legal Assistance (Tax Matters) Act, 2003. It amends Schedule 1 of the Mutual Legal Assistance (Tax Matters) Order, 2013, which contains the BVI-Guernsey Tax Information Exchange Agreement, by inserting two new articles into that Agreement.

• Article 5A - Automatic Exchange: Allows the competent authorities of the BVI and Guernsey to automatically transmit tax-relevant information to each other, with the parties to determine what information and procedures apply.
• Article 5B - Spontaneous Exchange: Allows a competent authority to spontaneously send information to the other party's competent authority where it is foreseeably relevant to the Agreement's purposes, with procedures to be determined by the authorities.

The Order operates at the level of the two governments' tax authorities and does not itself impose new direct filing or reporting duties on private sector entities such as banks or fiduciaries. It simply expands the legal basis for information exchange between the BVI and Guernsey competent authorities.

Deadlines

• Gazetted 20th August, 2015: Date the Order was published in the Gazette
• Made 11th day of August, 2015: Date the Minister made the Order

Related documents

• This document amends Mutual Legal Assistance (Tax Matters) Order, 2013