British Virgin Islands and Cayman Islands upgraded to OECD "White List”'

British Virgin Islands and the Cayman Islands each signed tax information exchange agreements with New Zealand on 13 August 2009, which resulting in upgrading both jurisdictions to the "White List" as compiled by the Organisation for Economic Co-Operation and Development (OECD). The British Virgin Islands and the Cayman Islands are moved into the category of ‘Jurisdictions that have substantially implemented the internationally agreed tax standard’, so-called white list, in the Progress Report initially published by the OECD Secretariat on 2 April 2009. The Cayman Islands signed its 13th Tax Information Exchange Agreement (TIEA) with New Zealand, having also signed agreements with Denmark, Faeroe Islands, Finland, Greenland, Iceland, Ireland, Norway, Sweden, The Netherlands, the UK and the US. The British Virgin Islands signed its 12th TIEA with New Zealand. The British Virgin Islands has already signed agreements with Australia, Denmark, Faeroe Islands, Finland, France, Greenland, Iceland, Norway, Sweden, the UK and the US. The OECD drew up a list of tax havens in April and categorised them as either being on the white list, or international compliant; grey list, partially compliance; or black list, not compliant. Costa Rica, Malaysia, the Philippines and Uruguay are once black listed countries in April. They have since been upgraded onto the grey list after making commitments on tax. Disclaimer: The publication contains information in summary form and is therefore intended for general guidance only. This publication is not intended as legal, accounting or other professional advice and should not be relied upon as such. If legal, accounting or other professional advice or expert assistance is required, the services of a competent professional should be sought. Neither Reanda Lau & Au Yeung Limited nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. For more details, please refer to Organisation for Economic Co-operation and Development (“OECD”) website “British Virgin Islands and Cayman Islands implement internationally agreed tax standard”: http://www.oecd.org/document/6/0,3343,en_2649_37427_43485958_1_1_1_1,00.html