|
|
|
 |
| Copyright©2003 BVICCHA |
|
 |
|
Taxation
& Social Security
The BVI is generally considered a Tax Haven for International
Business Companies (IBC’s).
Company Taxes
Corporations registered under the IBC Ordinance are exempt
from BVI Income Tax. There is no inheritance tax, death
duty, capital gains, capital transfer or estate tax.
Company tax rate is 15% on chargeable income. Partnership
interest is declared as such, but each partner is individually
liable on his share of income.
Personal
Income Taxes
Income Tax
All persons employed in the Territory are liable to pay
Income Tax on their gross earnings.
Income Tax is payable under a system aclled PAYE (Pay
As You Earn).
Under the PAYE system, tax is paid on weekly wages or
monthly salaries, annual salaries, bonuses, commissions,
director’s fees and any other income from employment.
It is the employers duty to deduct Income Tax from the
pay of his employees whether or not he has been directed
to do so, by the Tax Office. If he fails to do so, he
may be required to pay to Inland Revenue the tax which
he shoul have deducted, and in addition, be liable to
penalties. |
|
|
 |
Tax tables for computation
are available at the Inland Revenue Department.
Income Taxes are payable at the rate of:
0%
on the first $3,000 of income
6% between $3,001 and $7,500 of income
10% between $7,501 and $15,000 of income
15% between $15,001 and $22,500 of income
20% on the income exceeding $22,501
Land Taxes
Non-British Virgin Islanders pay $20.00 per year on the
first acre or part of an acre. All remaining acres or
part thereof are taxed at $10.00 per year. British Virgin
Islanders pay $3.00 per acre on the first acre or part
thereof, and $1.00 per acre on remaining acres or part
thereof.
House Taxes
A house tax is levied on all privately owned buildings.
The rate is 11/2% of the assessed value.
Customs Duties
Rates range from 5% to 20%, charged based upon cost, insurance
and freight value of the articles imported. |
|
|
|
|
|
