Authors: Aki Corsoni-Husain and Mirza Manraj (Harneys)
Further to our previous bulletin, following the Notification Ceremony on 11 September the Tax Information Exchange Agreement (TIEA) between the Government of Japan and the Government of the British Virgin Islands will come into effect on 11 October 2014.
Following the coming into force of the TIEA both Japan and the British Virgin Islands can exchange information in relation to tax matters within the framework of the TIEA once a request has been made to one party by the other party. The TIEA enables the relevant tax authorities in both Japan and the British Virgin Islands to have greater ability to exchange information relating to tax purposes in accordance with internationally agreed standards set by the Organisation For Economic Co-Operation and Development.
More from the Government of the Virgin Islands can be found here.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.