The Competent Authority of the Virgin Islands in respect of matters relating to Tax Information is the International Tax Authority (“ITA”). The ITA is charged with the responsibility of ensuring that the Virgin Islands effectively exchanges tax information with other countries under the laws of the Virgin Islands and the relevant Tax Information Exchange Agreements (“TIEA”). A TIEA is a bilateral agreement that has been negotiated and signed between two countries to establish a formal regime for the exchange of information relating to civil and criminal tax matters. The responsibilities of the ITA include:
- negotiating tax information exchange agreements and other arrangements in relation to tax matters,
- dealing with all practical aspects of tax information exchange (upon requests, automatic, spontaneous),
- continuing to develop the framework within the Virgin Islands for the effective exchange of information, to ensure that the Virgin Islands is fully compliant with the international standards of transparency and exchange of information for tax purposes.