The State Administration of Taxation recently published the Tax Information Exchange Agreement between the PRC government and the government of the British Virgin Islands and the Notice on the Implementation of the Protocol. The agreement and the protocol were signed on 7 December 2009 in London. The two signatory parties informed each other on 11 February 2010 and 1 December 2010 respectively that they had completed their respective legal procedures necessary for bringing the agreement and the protocol into force. The agreement and the protocol come into effect on 30 December 2010 and govern the derivation of income on or after 1 January 2011. The agreement is the second signed by China with an offshore financial centre. China entered into the first intelligence exchange agreement with the Bahamas on 1 December 2009.
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Business Law Digest is compiled with the assistance of Haiwen & Partners. The authors can be emailed at email@example.com. Readers should not act on this information without seeking professional legal advice.