The Tax Information Exchange Agreement (Taxes on Income) (Virgin Islands) Order 2005

1. Introductory Text

2. 1. Citation

3. 2. Declaration about exchange of information

4. Signature

5. 1. SCHEDULE

      1. PART I AGREEMENT ON THE TAXATION OF SAVINGS INCOME BETWEEN THE GOVERNMENT OF THE BRITISH VIRGIN ISLANDS AND THE GOVERNMENT OF THE UNITED KINGDOM

         1. WHEREAS:

         2. 1. Article 17 of Directive 2003/48/EC (hereinafter referred to as “the...

         3. 2. The British Virgin Islands (“BVI”) is not a member of...

         4. 3. The BVI notes that, while it is the ultimate aim...

         5. 4. The BVI has agreed to apply a withholding tax with...

         6. 5. The BVI has agreed to apply automatic exchange of information...

         7. 6. The BVI has legislation relating to undertakings for collective investment...

         8. Article 1 Definitions

            1. For the purposes of this Agreement, the term:

         9. Article 2 Withholding of Tax by Paying Agents

            1. Interest payments as defined in Article 9 of this Agreement...

         10. Article 3 Reporting of Information by Paying Agents

             1. (1) Where interest payments, as defined in Article 9 of...

         11. Article 4 Exceptions to the Withholding Tax Procedure

             1. (1) The BVI when levying a withholding tax in accordance...

         12. Article 5 Basis of assessment for withholding tax

             1. (1) A paying agent established in the BVI shall levy...

         13. Article 6 Definition of “beneficial owner”

             1. (1) For the purposes of this Agreement, “beneficial owner” means...

         14. Article 7 Identity and residence of beneficial owners

             1. (1) Each Party shall, within its territory, adopt and ensure...

         15. Article 8 Definition of “paying agent”

             1. (1) For the purposes of this Agreement, “paying agent” means...

         16. Article 9 Definition of “interest payment”

             1. (1) For the purposes of this Agreement, “interest payment” means—...

         17. Article 10 Withholding Tax Revenue sharing

             1. (1) The BVI shall retain 25% of the withholding tax...

         18. Article 11 Elimination of double taxation

             1. (1) A contracting party in which the beneficial owner is...

         19. Article 12 Transitional provisions for negotiable debt securities

             1. (1) During the transitional period referred to in Article 15...

         20. Article 13 Mutual agreement procedure

             1. Where difficulties or doubts arise between the parties regarding the...

         21. Article 14 Confidentiality

             1. (1) All information provided and received by the competent authority...

         22. Article 15 Transitional Period

             1. At the end of the transitional period as defined in...

         23. Article 16 Entry into force

             1. This Agreement shall enter into force on the thirtieth day...

         24. Article 17 Termination

             1. (1) This Agreement shall remain in force until terminated by...

         25. Article 18 Application and suspension of application

             1. (1) The application of this Agreement shall be conditional on...

         26. ANNEX

             LIST OF RELATED ENTITIES REFERRED TO IN ARTICLE 12

             1. For the purposes of Article 12, the following entities will...

             2. Entities within the European Union:

             3. Belgium

             4. Spain

             5. Greece

             6. France

             7. Italy

             8. Latvia

             9. Poland

             10. Portugal

             11. Slovakia

             12. International Entities:

             13. Entities in third countries:

             14. The entities that meet the following criteria:

      2. PART II Exchange of Notes

         1. Note from Her Majesty’s Government

            1. Sir,

            2. I refer to the text of the proposed model “Agreement...

            3. In view of the above mentioned agreed texts, and respecting...

            4. I have the honour to confirm that, if the above...

            5. Please accept, Sir, the assurance of our highest consideration,

            6. Bill Rammell

            7. Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs

            8. For the Government of the United Kingdom

            9. Done in London on 22 July 2004 in three copies....

         2. Reply from the Government of the British Virgin Islands

            1. Sir,

            2. I have the honour to acknowledge receipt of your letter...

            3. I am able to confirm that the Government of the...

            4. Please accept, Sir, the assurance of my highest consideration,

            5. Orlando Smith

            6. The Honourable Dr. D. Orlando Smith

            7. Chief Minister

            8. For the Government of the British Virgin Islands

            9. Done at Tortola on 11th April 2005 in the English...

6. Explanatory Note