Tuesday, March 28, 2006

BVI Inland Revenue Department plans for 2006

It is expected that the BVI Inland Revenue Department will collect $43.6 million this year, which is about 20% of Government’s overall budget revenue of $233.1 million for 2006. This $43.6 millionis the figure that makes the Inland Revenue Department the second biggest revenue-earning agency for BVI Government, behind the BVI Financial Services Commission.

The Department administers taxation in the following 7 areas: hotel accommodation, motor vehicle rental, house and land, income, payroll, liquor licences and stamp duty. The BVI Inland Revenue Department, working under the Ministry of Finance, is responsible for administering the BVI’s tax laws as well as collecting taxes and fees due to the Government.

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