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The Tax Information Exchange Agreement (Taxes on Income) (Virgin Islands) Order 2005
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Tax Information Exchange Agreement (Taxes on Income) (Virgin Islands) Order 2005 No. 1457
Article 10Withholding Tax Revenue sharing
(1) The BVI shall retain 25% of the withholding tax deducted under this Agreement and transfer the remaining 75% of the revenue to the United Kingdom.
(2) The BVI levying withholding tax in accordance with Article 5(4) of this Agreement shall retain 25% of the revenue and transfer 75% to the United Kingdom proportionate to the transfers carried out pursuant to paragraph (1) of this Article.
(3) Such transfers shall take place for each year in one instalment at the latest within a period of six months following the end of the tax year established by the laws of the BVI.
(4) The BVI levying withholding tax shall take the necessary measures to ensure the proper functioning of the revenue sharing system.
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