BVI Work Permit Fees To Rise From Next Month
by Mike Godfrey, Lowtax.net, Washington
16 June, 2017
The British Virgin Islands' Deputy Prime Minister, Kedrick Pickering, said annual work permit fee hikes will now take effect from July 1, 2017, after earlier being postponed.
The fees are payable by foreign workers intending to take up work in the British Virgin Islands, in place of individual income tax.
The changes, which were due to be in place from May 15, 2017, involve increases to the fees, which are based on an agreed salary and are collected as part of the work permit process.
Under the changes, a three percent levy will apply to those earning up to USD25,000. A five percent levy will apply to income thereafter, up to USD50,000, and a seven percent levy will apply on income above USD50,000. The work permit fee is capped at USD10,000.
From July 1, domestic workers will pay a fee equal to one percent of their salary.
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