The Income Tax department of the British Virgin Islands (BVI) has informed its Indian counterpart that it cannot provide information on Indians with off-shore investments on its territory, citing destruction of files due to floods in August 2017.
The BVI, Britain’s ovserseas territory in the Caribbean, is among the top five tax havens in the world. According to a Business Standard report, the tax department of the BVI conveyed to its Indian counterpart that files pertaining to an ongoing investigation into tax evasion have either been destroyed in the floods that ravaged the littoral nation in August, or have been lost.
“A team from the tax department has visited BVI authorities in investigations of the BVI leaks of 2013 to discuss the way out, bu no concrete solution has been drawn,” an IT source told the paper. The source added that