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Tax enforcement and compliance play a crucial role in maintaining the integrity and effectiveness of the British Virgin Islands' tax regime. The territory has implemented robust mechanisms and processes to monitor and enforce tax laws, investigate non-compliance, and impose penalties or sanctions on offenders.
In 1984, the British Virgin Islands, trying to recapture some of the lost offshore business, enacted a new form of companies legislation, the International Business Companies Act, under which an offshore company which was exempt from local taxes could be formed.
British Virgin Islands: 0% [250] 0% — Taxation in the British Virgin Islands U.S. Virgin Islands: 21–38.50% [251] Taxation in the United States Virgin Islands Wallis and Futuna: 0% 0% 0% 0% Taxation in Wallis and Futuna Yemen: 20% [252] 10% 15% 2% Taxation in Yemen Zambia: 30% [253] 10% 30% 16% Taxation in Zambia Zimbabwe: 25% 0% 45% 15% ...
The strongest consensus amongst academics regarding the world's largest tax havens is therefore: Ireland, Singapore, Switzerland and the Netherlands (the major Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the major Sink OFCs), with the United Kingdom (a major Conduit OFC) still in transformation.
The British Virgin Islands has almost no taxation. Although there is technically income tax in the British Virgin Islands, the effective rate is zero. There is no capital gains tax, gift tax, sales tax, value added tax or inheritance tax. The only real tax burdens imposed in the jurisdiction are:
NEW YORK (Reuters) -JPMorgan Chase said the U.S. Virgin Islands gave Jeffrey Epstein more than $300 million in tax incentives and waived sex offender monitoring requirements, shielding the ...
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, 2004 , and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010.
The official currency of the British Virgin Islands has been the United States dollar (US$) since 1959, the currency also used by the United States Virgin Islands. [3] The British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita average income of around $47,000 (2022 est.) [47]