The Tax Information Exchange Agreement (Taxes on Income) (Virgin Islands) Order 2005

(1) A paying agent established in the BVI shall levy withholding tax in accordance with Article 2 of this Agreement as follows—

(a) in the case of an interest payment within the meaning of Article 9(1)(a) of this Agreement: on the amount of interest paid or credited;

(b) in the case of an interest payment within the meaning of Article 9(1)(b) or (d) of this Agreement: on the amount of interest or income referred to in (b) or (d) of that sub-paragraph or by a levy of equivalent effect to be borne by the recipient on the full amount of the proceeds of the sale, redemption or refund as certified by the paying agent to its competent authority;

(c) in the case of an interest payment within the meaning of Article 9(1)(c) of this Agreement: on the amount of interest referred to in that sub-paragraph;

(d) in the case of an interest payment within the meaning of Article 9(4) of this Agreement: on the amount of interest attributable to each of the members of the entity referred to in Article 8(2) of this Agreement who meet the conditions of Article 6(1) of this Agreement; and

(e) where the BVI exercises the option under Article 9(5) of this Agreement: on the amount of annualised interest.