Category Taxation in British Virgin Islands

Offshore Centers Told To Make Central Register

March 30, 2015 Taxation in British Virgin IslandsTaxation in Cayman IslandsTaxation in UK

LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register.

Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of a central register of companies.
As part of the proposed central register, information about the ultimate beneficial owner of each company will be made available in the register.

The central register is intended to help combat international tax evasion, as it will become more difficult to use offshore shell companies to unfairly dodge taxes.

However, authorities in both the British Virgin Island and in the Cayman Islands have already objected to the proposed register, saying that it will ...

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92 Billion Flows Through BVI Each Year

January 29, 2014 Taxation in British Virgin Islands

British Virgin IslandsGENEVA – Experts ave confirmed that the BVI is still the world’s most popular offshore center, and the amount of money controlled by BVI entities is disproportionately too large in the global market.

The British Virgin Islands now has one of the highest levels of foreign direct investments (FDI) in the world, seeing almost as much financial flows as Russia, and just as much as Australia and the UK combined, according to new information in the latest Global Investment Trends Monitor report released on January 28th by the United Nations Conference on Trade and Development (UNCTAD).

In the newly published report the experts of the UNCTAD showed that in 2013 the BVI saw foreign direct investments totaling USD 92 billion, the fourth highest amount among any country that year, only falling behi...

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Bermuda, Jersey and BVI Branded as Tax Havens

August 30, 2013 Tax HavensTaxation in BermudaTaxation in British Virgin IslandsTaxation in Jersey

British Virgin IslandsPARIS – The government of France is taking a firm stance in the fight against international financial crimes by classifying three more countries as tax havens.

France has officially classified Bermuda, British Virgin Islands and Jersey as “non-co-operative jurisdictions” in regards to information sharing and taxation, with the three countries joining the ranks of Botswana, Brunei, Guatemala, Marshall Islands, Montserrat, Nauru and Niue, which have also effectively been classed as tax havens.

The countries on the list each face a 75 percent automatic withholding tax on any payments coming from France.

The withholding tax will only come into effect on January 1st 2014 for the three newly added countries, and the government of each nation now has until the end of this year to address and ...

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Good Economic Outlook for BVI

March 16, 2010 Taxation in British Virgin Islands

TortolaAnnual government corporate renewal fees collected in the British Virgin Islands (BVI) grew in 2009, as did the number of sea vessels registered in the first two months of 2010, leading the Government officials to extol a sense of optimism in the economic prospects for the 2010 year.

New figures from the BVIs’ Financial Services Commission (FSC) released on March 15th show that annual corporate renewal fees collection rose to more than USD 162.66 million in 2009, compared to USD 156.15 million in 2008. Despite the growing annual government corporate renewal fee collection, new-incorporations fee revenue dropped to USD17.22 million in 2009, compared to USD 22.47 million in 2008...

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Tax Information Exchange Agreement Update

September 10, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in AustraliaTaxation in British Virgin IslandsTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in FranceTaxation in GermanyTaxation in IrelandTaxation in LiechtensteinTaxation in MonacoTaxation in New ZealandTaxation in Turks & Caicos IslandsTaxation in UKTaxation in USA  No comments

Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe.

The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000.
Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been signed.

United States – Monaco (8 September 2009)
Denmark – Turks & Caicos Islands (7 September 2009)
Netherlands – Antigua & Barbuda (2 September 2009)
Denmark – Gibraltar (2 September 2009)
Denmark – Anguilla (2 September 2009)
Germany – Liechtenstein (2 September ...

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