International Cooperation
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Overview
SVG has a proud history of being a responsible player in the worldwide arena of international cooperation. SVG has readily facilitated international cooperation through appropriate legal channels as well as through diplomatic channels. As early as 1993, SVG enacted the Mutual Legal assistance in Criminal Matters Act which made application for both Commonwealth and non- Commonwealth countries as since then has further developed and enhanced its legislative regime and administrative infrastructure to streamline effective responses by the jurisdiction to requests for international assistance.
SVG has enacted relevant legislation which demonstrates its commitment to international cooperation, namely the Exchange of Information Act, the Financial Intelligence Unit Act, Financial Services Authority Act and the International Cooperation (Tax Information Exchange Agreement) Act.
Our international cooperation mandate expanded with the advent of the Foreign Account Tax Compliance Account (FATCA) and the Common Reporting Standards (CRS) or the Automatic Exchange of Information (AEOI) initiatives. The Foreign Accounts Tax Compliance (Implementation and Enforcement of Inter-Governmental Agreement) Act and the Automatic Exchange of Information Act and Regulations were enacted to ensure SVG has a legal basis upon which it can effectively cooperate.
SVG has also signed on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) the antecedent to the CRS/AEOI initiative.
OECD – Exchange of Information for Tax Purposes
Exchange of Information for Tax purposes in St. Vincent and the Grenadines is guided by the International Co-operation (Information Exchange Agreements) Act, 2011. This Act sets out the procedure for the implementation of agreements and arrangements entered into by the Government of St. Vincent and the Grenadines with other jurisdictions to provide for the exchange of information for tax and connected purposes. St. Vincent and the Grenadines has established Tax Information Exchange Agreements (TIEAs). Further information on these Agreements may be viewed by visiting the following link: http://t4.oecd.org/countries/saintvincentandthegrenadines/.
St. Vincent and the Grenadines is also a signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
The contact details for St. Vincent and the Grenadines’ for the Exchange of Information for Tax Purposes are as follows:
| Contact | Details |
|---|---|
| FIRST POINT OF CONTACT: Executive Director Financial Services Authority |
2nd Floor Inland Revenue Building Grenville Street P.O. Box 356 Kingstown Tel: 456 2577 Email: info@svgfsa.com; cjames@svgfsa.com |
| COPIED TO: Minister of Finance Ministry of Finance |
2nd Floor Administrative Building Kingstown Tel: 456 1111 Email: office.finance@gov.vc with COPY TO info@svgfsa.com |
**If requests are sent by courier or post, an email should also be sent to the FSA.
Related Materials
Additional Information
St. Vincent and the Grenadines demonstrates tax transparency by signing the CARICOM Double Taxation Treaty and achieving “Largely Compliant” status in OECD reviews. The country has also signed FATCA and adopted the OECD’s Common Reporting Standard to comply with these agreements.
CARICOM
Multilateral Taxation Treaties
St. Vincent and the Grenadines has also signed the CARICOM Treaty – a multilateral Double Taxation Treaty signed by the following Member States: Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Jamaica, St. Kitts & Nevis, Guyana, St. Lucia and Trinidad and Tobago.
St. Vincent and the Grenadines remains committed to implementing the internationally agreed tax standards of the Organization of Economic Cooperation and Development (OECD), and to ensure a transparent and efficient tax information exchange regime.
SVG Tax Compliance
In sum, SVG is compliant with relevant international standards:
- SVG has demonstrated its commitment to global tax transparency and accountability having been rated “Largely Complaint” by the OECD Peer Review Group after the completion of its Phase 1 Review (2011-2012) and Phase 2 Review (2013- 2014).
- SVG is FATCA compliant having signed the Foreign Account Tax Compliance Act (FATCA) Model 1B Agreement with the USA in August 2015 and has enacted relevant legislation to give effect to FATCA in SVG.
- SVG has committed to implement the OECD Global Forum’s Common Reporting Standard on Automatic Exchange of Information by 2018. To this end, SVG signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement and has enacted relevant legislation to give effect to these Agreements.
