BVIEC profits
The BVI Electricity Corporation made a $4.2 million operating profit — double its 2010 figure — and invested $1.4 million in its infrastructure in 2011, according to its recently released annual report for that year.
In 2011, the corporation generated more than $61.9 million in revenue, $4 million more than in 2010, and incurred $61.2 million in expenses, up from $54 million in 2010. Although the BVIEC had forecast that its 15,496 customers would demand more than 186 million kilowatt-hours of electricity in 2011, actual demand came in at 166 million.
UK TIEA
Legislators released the Virgin Islands government’s 2008 tax information exchange agreement with the United Kingdom at a House of Assembly meeting last month. The TIEA, one of 26 the territory has signed, will enable tax authorities in the VI and UK to share information about individuals and companies registered in those jurisdictions upon request. The TIEA was based on a model agreement from the Organisation for Economic Co-operation and Development, a group of major economies that has long set standards on cross-border tax issues. In 2009 the OECD began classifying financial centres on “black,” “white” or “grey” lists based in part on the number of TIEAs signed with other countries. The VI was initially placed on the grey list, but signed its 12th TIEA in August 2009 to make the white list. In addition to the TIEA, legislators also released a copy of the Convention on Mutual Administrative Assistance in Tax Matters. The VI entered into that agreement, which describes how tax information sharing should take place between countries, on June 1, 2011.
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