The Virgin Islands was included on the European Union’s blacklist of jurisdictions that aren’t compliant with the organisation’s criteria of “tax good governance.”
Other countries included Belize, the Cayman Islands, and Hong Kong, as well as the United States VI.
The EU also released a plan to reform its tax policy and ensure that “companies active in the EU are effectively taxed in the EU.”
Items listed in the plan include increasing tax transparency, improving EU coordination, and creating a better business environment.
BVI Finance Executive Director Julien Johnson said his organisation, a government-sponsored advocacy group for the financial services industry, will release a statement soon to respond to being blacklisted.
“We’re still making enquiries from our end,” he said.
{fcomment}