Few Changes In British Virgin Islands' 2015 Budget
Friday, December 19, 2014
The Government of the British Virgin Islands has announced a number of measures in the 2015 Budget to expand the territory's revenue base.
The Government intends to: change the current work permit structure such that fees will be based on occupation type, with consideration given to average income by occupation type; introduce a tourist arrival levy from 2016; return to imposing import duties on a cost, insurance, and freight (CIF) value basis; adopt a more aggressive approach to the collection of taxes and fees and arrears by reviewing current legislation to give revenue collecting agencies greater authority to enforce compliance; and conduct an ongoing, comprehensive review of Government's tax and fee structures with a view to closing loopholes, to ensure that fees at least cover the costs of providing services.
Alongside the Budget, the Government reported that tax revenue in 2013 increased by 3.3 percent against the year before. Payroll taxes increased most significantly, by 8.5 percent year-on-year, while revenues from property tax, trade taxes, and other revenue sources declined.