BVI U-Turns On Significant Work Permit Fee Changes
by Mike Godfrey, Lowtax.net, Washington
29 May, 2017
The British Virgin Islands has indefinitely delayed the implementation new work permit fees, which are levied in lieu of individual income tax.
Deputy Premier Kedrick Pickering said: "We have had representations from several ... major businesses asking us to reconsider the timing" and the scale of some of the increases, he said.
Pickering added that the territory's Government is not trying to burden business, and is looking at recommendations and alternative approaches that can be taken.
The changes, which were due to be in place from May 15, 2017, involved increases to the fees payable for foreign workers intending to take up work in the British Virgin Islands fee, which are based on the agreed salary and collected as part of the work permit process.
Under the proposed changes, a fee equal to three percent of the annual salary was to apply for those earning up to USD25,000. A fee of five percent would have applied thereafter on income up to USD50,000, and a seven percent rate was to apply thereafter. The work permit fee is capped at USD10,000.
Domestic workers were to pay a fee equal to one percent of their salary.
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