Wednesday, 6 March 2024, Tortola, British Virgin Islands - In a landmark announcement that underscores the British Virgin Islands' (BVI) dedication to global tax compliance and transparency, the Premier and Minister of Finance revealed that the territory has been officially removed from France's blacklist of non-cooperative tax jurisdictions. This development marks a significant turning point for BVI, reaffirming its status as a leading international financial center.

For years, the shadow of being listed as non-cooperative loomed over BVI, posing potential threats to its financial sector and economic relations. However, through relentless efforts and a series of legislative and regulatory reforms aimed at enhancing its tax information exchange framework, BVI has successfully addressed the concerns raised by France and its international partners.

The Premier's announcement came during the ninth sitting of the first session of the Fifth House of Assembly, emphasizing that this achievement reflects BVI's unwavering commitment to upholding the highest standards in tax transparency. The government's proactive approach included the implementation of stringent measures to ensure the integrity and reliability of its tax information exchange systems, a move that has been met with international commendation.

This breakthrough not only vindicates BVI's efforts but also provides a substantial boost to its reputation. The removal from the blacklist opens up new avenues for attracting responsible businesses and investors, who prioritize transparency and cooperation in their operations. The Premier expressed optimism about BVI's future prospects, stating, "This positive development strengthens our ability to attract quality investments, reinforcing our position as a jurisdiction of choice for those seeking a stable and well-regulated environment."

Moving forward, the BVI government has committed to maintaining robust tax information exchange frameworks, collaborating with international partners to tackle evolving tax challenges, and promoting a business-friendly environment that adheres to the highest standards of transparency and cooperation. The territory's strategic focus on these areas is expected to solidify its appeal to global businesses and investors.

As BVI celebrates this significant milestone, it looks to the future with confidence, ready to continue its constructive dialogue with France and other international partners on tax matters. The Premier's announcement heralds a new era for BVI, one where it stands proudly on the world stage as a testament to what can be achieved through dedication to transparency and international cooperation in the financial sector.