First Posted: 8/20/2013
(AP) The leader of the British Virgin Islands says the Caribbean territory has started talks with the U.S. Treasury to comply with a law designed to counter offshore 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 Tuesday that the territory is negotiating an intergovernmental agreement with the U.S. to comply with the U.S. Foreign Account Tax Compliance Act.
Smith says the islands are “not being forced or coerced” into finalizing a pact under the U.S. law that will take effect next year.
The Cayman Islands announced last week that it had reached agreement with the U.S. to provide information on accounts held by U.S. citizens under the same law.