Continued efforts to crack down on tax cheats will boost the territory’s international reputation, Premier Natalio “Sowande” Wheatley has stated.
The premier was speaking after the House of Assembly passed the Mutual Legal Assistance (Tax Matters) (Amendment) (No. 2) Bill, 2026.
“These amendments are not merely administrative: They are a demonstration of our territory’s proactive approach to meeting international standards,” Mr. Wheatley told the HOA on Jan. 29.
“The bill represents a vital step in our ongoing mission to maintain the British Virgin Islands’ standing as a premier, transparent and compliant international financial centre.”
Mr. Wheatley explained that the amended legislation — which now awaits the governor’s assent— is designed to “ensure absolute clarity in our reporting standards and to strengthen our enforcement capabilities.”
Under the law, he added, business leaders can be held personably accountable for their companies’ attempts to dodge tax obligations.
“The bill introduces provisions to hold specific individuals accountable within complex legal arrangements, and it promotes accuracy in reporting and establishes penalties for inaccurate or incomplete returns,” he added.
Tighter penalties
The reform also tightens notification procedures and bolsters the government’s ability to address non-compliance, according to the premier.
“By tightening our penalties and clarifying our definitions, we protect the integrity of our financial services sector and ensure that the BVI remains a jurisdiction of substance and high regulatory standards,” Mr. Wheatley said.
The premier stressed the importance of staying abreast with international best practice.
“As the global landscape for tax transparency evolves, so too must our legislative framework,” he said.
The bill passed after being amended by HOA members in a closed-door committee session.
The premier also used the occasion to thank the opposition for continuing to show unity with the government in passing financial services legislation, and he stressed the sector’s key role in the territory’s economic well-being.