Mutual Legal Assistance (Tax Matters) (Amendment of Schedule 1) Order, 2016

Summary

This is a short statutory order made by the Minister of Finance amending Schedule 1 to the Mutual Legal Assistance (Tax Matters) Order, 2013, which sets out the text of the tax information exchange agreement between the Government of the British Virgin Islands and the States of Guernsey. It does not create new obligations for private parties but updates specific treaty language.

• Article 11 replaced: Paragraph 1 of Article 11 (No Prejudicial or Restrictive Measures) is replaced with revised wording concerning prejudicial or restrictive measures based on harmful tax practices.
• Article 14 replaced: Paragraph 2 of Article 14 (Mutual Agreement Procedure) is replaced, expanding the procedures competent authorities may mutually agree to use under Articles 5, 5A, 5B, 6 and 10.

The Order was made on 2 February 2016 and gazetted on 11 February 2016. It is a technical treaty amendment affecting the competent authorities administering the BVI Guernsey tax information exchange agreement, rather than imposing direct compliance duties on financial services businesses.

Related documents

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