BVI 2017 Budget Increases Fees
by Mike Godfrey, Lowtax.net, Washington
24 January, 2017
The BVI Premier and Finance Minister, Orlando Smith, has announced fee increases as part of the territory's 2017 Budget.
The fee increases include a slight rise in the cost of cruising permits, the introduction of a transportation maintenance fee to be levied when licensing vehicles, and the collection of a levy at ports of entry to fund environmental protection.
A planned telecommunications royalty will be implemented as soon as the Government has finalized discussions with the territory's Telecommunication Regulatory Authority and the telecommunications sector.
Smith confirmed that the British Virgin Islands will implement the Financial Action Task Force's beneficial ownership proposals, as well as the Common Reporting Standard, in 2017, and also expects to join the Inclusive Framework for the OECD Base Erosion and Profit Shifting (BEPS) project.
He said the British Virgin Islands had negotiated successfully with the UK Government to establish the equivalent of a central registry of beneficial ownership and is in the final stages of developing the framework.
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