Wednesday, April 29, 2009

$279 Mln Budget Passed by the BVI House of Assembly

The record budget of $279,8 mln which was presented by the Premier in March, has been passed by the British Virgin Islands House of Assembly. This was preceded by some weeks of intensive deliberation at Standing Finance Committee and two days of debate in the House.

The projected revenue outlined by the Government for 2009 is $279,841,000, and its operational expenses are $253,593,100, with an estimated surplus of $26,147,900. By words of the Premier and Finance Minister Ralph O'Neal, the budget was estimated considering the factors of global financial crisis and the G20 summit in London.

BVI Premier noted that 63% of BVI's revenue comes from financial services, and that is why they have to work on legislation and to make all possible efforts to protect the financial services industry in the jurisdiction, and to protect and enhance its status in the financial world. By his words, the country has opportunities for this.

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