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Former president of the BVI's Financial Services Commission, Michael Riegels, recites the anecdote that the offshore finance industry commenced on an unknown date in the 1970s when a lawyer from a firm in New York telephoned him with a proposal to incorporate a company in the British Virgin Islands to take advantage of a double taxation relief treaty with the United States.
On 19 May 2005, Goh signed a Double Taxation Avoidance Agreement with Israel's Finance Minister Benjamin Netanyahu on a visit to Israel, superseding the agreement signed in 1971.
On 16 December 2008, the Hong Kong / Vietnam Comprehensive Double Taxation Agreement (CDTA) was signed by John Tsang Chun-wah, the Financial Secretary of the HKSAR, and Do Hoang Anh Tuan, Vice-Minister of Finance of Vietnam, in Hanoi.