Offshore News: May 2009

20.05.2009 Offshore jurisdiction of the British Virgin Islands signed bilateral TIEAs with the six Nordic countries - the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden at the Icelandic Embassy in Copenhagen. The signing of the document took place in Copenhagen, Denmark, on May 18. These are the OECD model agreements providing for the exchange of information in tax matters in both civil tax matters and where there is concrete proof of the tax crime.
The BVI representative also signed agreements for the avoidance of double taxation with the Nordic group on behalf of the British Virgin Islands, to encourage increased trade and investment between the respective countries by removing double taxation and setting up a beneficial legal framework.

31.05.2009 The Organization of Economic Cooperation and Development (OECD) announced that it excluded Andorra, Liechtenstein and Monaco from the “grey list” of non-cooperative tax havens that was published in April in the OECD report.
According to the OECD, its Committee on Fiscal Affairs made the decision on these jurisdictions because of political commitment of these jurisdictions to implement the OECD standards of transparency and effective exchange of information, however they have not actually implemented it.