Monday, October 5, 2015   

British Virgin Islands sets in motion process to open the books for US tax officials
(08-21 08:54)

The leader of the offshore tax haven British Virgin Islands says the Caribbean territory has started talks with the US Treasury to comply with a law designed to counter tax evasion.
The tiny islands are one of the world's top offshore trust jurisdictions and the incorporated registry for hundreds of thousands of companies.
Premier Orlando Smith said the territory is negotiating an inter-governmental agreement with the US to comply with the US Foreign Account Tax Compliance Act.
Smith says the islands are “not being forced or coerced'' into finalizing a pact under the US law that will take effect next year.
The Cayman Islands announced last week that it had reached agreement with the US to provide information on accounts held by U.S. citizens under the same law.—AP

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