Saturday, December 27, 2014

BVI Government Introduces Measures to Increase Revenues

The British Virgin Islands Government reported the increase of tax revenue in 2013 by 3.3 percent as compared to the previous year. Payroll taxes increased by 8.5% in 2013, and revenues from property tax and trade taxes decreased.

The BVI Government is implementing a number of measures in the 2015 Budget to expand revenue of the territory. Among the measures that will be undertaken there is changing the current structure of work permits so that fees will be based on occupation type. The Government will also return to imposing import duties on cost, insurance and freight value basis, and review current legislation to provide revenue collecting agencies with more power to enforce compliance.

The Government is also planning to close loopholes in BVI tax and fee structures and make sure that fees cover the costs of providing services. From 2016, a tourist arrival levy will be introduced.

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