Wednesday, April 19, 2017

BVI Business Management Consultants May Participate in EU-initiated Projects

Business consultants in the British Virgin Islands, as well as in other Overseas Territories included into the Chapter of the Caribbean Institute of Certified Management Consultants (CICMC), will receive the opportunity to bid on regional and international projects and initiatives under the EU portfolio, after being certified and trained. The OCT chapter of CICMC was launched in the BVI on April 6, driven by CICMC-OCT inductee and the chapter’s first president, Marva Titley-Smith.

BVI Premier and minister of finance, Dr Orlando Smith, said that the initiative is consistent with government's agenda to support and strengthen the small business community in the jurisdiction, and commented: “We will continue to do all that we can to provide an enabling environment for small business to develop and thrive, thereby building a strong economy for the territory.” 

Along with the BVI business consultants, the OCT Chapter of CICMC is open to consultants in Anguilla, Aruba, Bonaire, Cayman Islands, Curacao, Montserrat, Saba, St Barthelme, St Eustatius, St Maarten, the Turks and Caicos Islands.

Monday, April 10, 2017

IMF Issued Document on CARICOM Countries' Tax Reforms

The International Monetary Fund has issued the new paper where informed that CARICOM members including the British Virgin Islands need more tax reform while having benefited from introducing VAT. In the opinion of the IMF, zero-rating of domestic supplies, generous exemptions, low registration thresholds have negative effect on the performance of VAT in the CARICOM countries, which should enhance the efficiency of their regimes.

The IMF also asked CARICOM members to pay closer attention to other major taxes: to simplify personal income tax regimes to simplify compliance and improve compliant rates; to coordinate on the design of corporate income tax systems and to tackle international tax evasion and avoidance. It also urged member countries to implement programs to strengthen IT support, audit capacity and enforcement.