The Territory's role in the world economy was recently highlighted at the Global Tax Transparency Summit at the House of Commons of the UK Parliament.

The summit organised by the House of Commons Public Accounts Committee was held on December 9. A delegation from the BVI including Mr. Benito Wheatley, BVI UK Representative and BVI London Office and Deputy Director, Dr. Sandra Besson represented the Territory at the summit.

The delegation attended plenary sessions and participated in a lunch roundtable on transparency chaired by Rt. Hon. Caroline Flint MP, Member of the Public Accounts Committee. This session was also attended by political leaders and officials from Jersey, Guernsey and Isle of Man.

Mr. Wheatley highlighted the Territory's value as an international finance centre stating, "The value proposition the BVI as a jurisdiction offers in the world economy is the legal certainty provided by the Territory which practices English Common Law and is the headquarters of the Eastern Caribbean Supreme Court Commercial Division with appeal available to the Privy Council in the UK."

He added, "Our corporate vehicles allow investors internationally to pool capital and invest in developing countries which urgently need capital to develop their economies and would otherwise not receive."

The Global Tax Transparency Summit brought together parliamentarians, business academics, campaigners and tax experts to discuss tax transparency and tax avoidance.

The BVI’s presence at the summit is significant to ensure that key participants are aware of the positive role BVI plays in the world economy and our adherence to international standards on tax transparency.

Photographs attached

Benito Wheatley, Director and UK Representative, BVI London Office; Rt. Hon. Caroline Flint MP, Member of Public Accounts Committee; and Colin Powell, CBE, Jersey Government Adviser on International Affairs. (Photo Provided)