The British Virgin Islands has confirmed that it will implement the OECD’s base erosion and profit shifting (BEPS) minimum standards as a BEPS Associate member.
The BVI has said it will participate in the new “Inclusive Framework” announced by the OECD. As a member of the framework, the BVI is committing to implement the OECD’s proposed minimum standards on harmful tax practices, tax treaty abuse, country-by-country reporting, and dispute resolution.
The BVI Government said it will formalize its membership of the BEPS Inclusive Framework group in the first quarter of 2017, once its application process is completed. The territory’s Government has already said it will take forward legislative proposals to introduce country-by-country reporting, a core element of BEPS.
IMC Group