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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.
August 16, 2021: Bill no. 34-0077 (Act No. 8469), the repayment of the 8% cut salary to government employees. [3] February 8, 2022: Bill no. 34-0188 (Act 8540), allows the government of the Virgin Islands to seek funding in the bond market to stabilize GERS for 30 years. Sponsored by: Kurt Vialet, Donna Frett-Gregory, Janelle Sarauw
Bill No. 35-0116: A resolution honoring and commending Lieutenant Colonel Leayle Gerard Galiber for his leadership in the Virgin Islands National Guard and his dedication to the country and to the people of the Virgin Islands. Bill No. 35-0123: An Act to commission and direct the Virgin Islands Council on the Arts to construct and erect a ...
In mid February 2017, the USVI was facing a financial crisis due to a very high debt level of $2 billion and a structural budget deficit of $110 million. The government introduced a "sin tax" bill that would introduce or increase taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners.
In 2008, the taxes generated about $371 million for Puerto Rico and $100 million for the Virgin Islands. [3] In April 2009, Puerto Rico's congressional representative, Pedro Pierluisi, introduced a bill prohibiting territories from using more than 10 percent of their cover-over receipts for industry specific subsidies. This was as a result of ...
The Legislature of the Virgin Islands is the territorial legislature of the United States Virgin Islands. The legislative branch of the unincorporated U.S. territory is unicameral, with a single house consisting of 15 senators, elected to two-year terms without term limits. The legislature meets in Charlotte Amalie on the island of St. Thomas.
The House of Assembly of the British Virgin Islands, until 2007 known as the Legislative Council, [1] has 15 members: 13 directly elected for four-year terms (nine in single-seat constituencies and four "at large"), and two ex officio members (the Attorney General and a Speaker chosen from outside the house).
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.