Tax Information Exchange Agreement Signed Between Canada and the British Virgin Islands
May 22, 2013
An Agreement between the Government of Canada and the Government of the British Virgin Islands under Entrustment from the Government of the United Kingdom of Great Britain and Northern Ireland for the Exchange of Information on Tax Matters was signed on May 21, 2013. The Agreement shall enter into force on the date of the later of the notifications by which the parties notify each other of the completion of their legal internal procedures for the bringing into force of this Agreement.
Consistent with Canada’s international efforts to promote transparency and effective exchange of tax information, the Agreement provides for the mutual exchange of tax information that is possessed by, or accessible to, the taxation authorities of either jurisdiction (in the case of Canada, the Canada Revenue Agency), in order to better administer and enforce taxation laws and to prevent international fiscal evasion. The Agreement is based on the Organisation for Economic Cooperation and Development’s internationally agreed standard on exchange of tax information.
Tax Legislation Division