The International Tax Authority was established by the International Tax Authority Act, 2018 to take a proactive stance in relation to all cross–border tax matters that currently affect or have the potential to affect the Virgin Islands. The core responsibilities of the ITA are outlined in detail in section 4(1) of the International Tax Authority Act, 2018. The responsibilities of the ITA include:
Dealing with all practical aspects of tax information exchange (upon requests, automatic, spontaneous).
Negotiating tax information exchange agreements and other arrangements in relation to tax matters and continuing to develop the framework within the Virgin Islands for the effective exchange of information.
Ensure that the Virgin Islands is fully compliant with the international standards of transparency and exchange of information for tax purposes.