BVI Signs TIEA With Japan

The British Virgin Islands (BVI) government entered into its twenty-sixth tax information exchange agreement (TIEA) with the Government of Japan on 18 June 2014.
 
This new TIEA is not present in force but will enter into force on the thirtieth day after completion of the domestic implementation procedures by both the BVI and Japan. Under the BVI's domestic regime TIEAs are implemented through subsidiary legislation under the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT). Historic practice shows that TIEAs tend to be fully implemented and come into force approximately one year following signing.
 
The BVI-Japan TIEA is essentially consistent with the OECD standard model template for TIEAs. It provides for the assistance through exchange of information that is foreseeably relevant to the administration or enforcement of the laws of the BVI and Japan concerning taxes covered by the TIEA. In the case of the BVI the competent authority is the Financial