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Business

August 12, 2022

HOA agrees to cut remittance tax

Cabinet’s July 20 decision to reduce the remittance tax — often criticised for targeting the territory’s poorest residents — got the green light from the House of Assembly on Tuesday. …

Continue reading “HOA agrees to cut remittance tax”

by CLAIRE SHEFCHIK
August 1, 2022

Bill would amend companies act

An amendment to the BVI Business Companies Act that passed last Thursday in the House of Assembly includes several provisions designed to strengthen the territory’s compliance with international standards combating …

Continue reading “Bill would amend companies act”

by CLAIRE SHEFCHIK
July 29, 2022

Christmas in July draws 400 boats

On Monday, Tomas Dardet and nearly 20 of his friends and family members toured The Baths in Virgin Gorda, climbing in and out of the rock pools and exploring the …

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by CLAIRE SHEFCHIK
July 25, 2022

70 officials trained for coming evaluation

As the Virgin Islands continues to prepare for the Fourth Round Mutual Evaluation next year from the Caribbean Financial Action Task Force, more than 70 representatives from government agencies and …

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by CLAIRE SHEFCHIK
July 25, 2022

Peter Island mum on re-opening

One of the Virgin Islands’ flagship resorts is still rebuilding five years after Hurricane Irma, but the owners have been tightlipped about its progress. Although Peter Island Resort and Spa …

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by CLAIRE SHEFCHIK
July 22, 2022

Myett’s loses appeal to laid-off workers

The Court of Appeal has dismissed an appeal by Myett’s Enterprises Limited against a dozen former employees who lost their jobs after Hurricane Irma severely damaged the hotel and restaurant …

Continue reading “Myett’s loses appeal to laid-off workers”

by CLAIRE SHEFCHIK
July 22, 2022

Global tax deal hits hurdles

A deal for a global minimum tax rate that could impact the Virgin Islands’ financial services industry is facing roadblocks in the United States and Europe, according to news reports. …

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by CLAIRE SHEFCHIK
July 15, 2022

Incorporations climb in Q1

Incorporations could be on track to top last year if first-quarter trends continue, according to the latest quarterly report from the Financial Services Commission. In 2021, new incorporations in the …

Continue reading “Incorporations climb in Q1”

by CLAIRE SHEFCHIK
July 15, 2022

VI-registered crypto fund collapses

Three Arrows Capital — a Virgin Islands-registered, Singapore-based cryptocurrency hedge fund once worth more than $3 billion in assets — rocked the crypto world on Friday by filing for Chapter …

Continue reading “VI-registered crypto fund collapses”

by CLAIRE SHEFCHIK
July 4, 2022

Premier defends biz licensing law

After business stakeholders raised concerns about several aspects of the Business Licensing Act passed two weeks ago in the House of Assembly, Premier Dr. Natalio “Sowande” Wheatley defended the bill …

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by CLAIRE SHEFCHIK
July 4, 2022

Online tax system to launch next year

More than three years after the deputy head of the Inland Revenue Department called the agency’s computer system “outdated” and “unstable,” government is scheduled to introduce a new online tax …

Continue reading “Online tax system to launch next year”

by CLAIRE SHEFCHIK
June 25, 2022

HOA passes trade licence bill

A bill aimed at making the Virgin Islands business climate more competitive by updating and streamlining the licensing process passed with amendments in the House of Assembly last Thursday as …

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by CLAIRE SHEFCHIK
June 25, 2022

Chamber expo promotes VI businesses

The sun blazed and tourism season was winding down, but the co-owners of Golden Journey Concierge Service were full of enthusiasm as they talked to potential customers at the Buy …

Continue reading “Chamber expo promotes VI businesses”

by CLAIRE SHEFCHIK
June 20, 2022

VI court issues world-first freeze in crypto case

A Virgin Islands-incorporated company recently convinced the Commercial Court to back a novel approach in trying to track down people involved in an alleged theft of digital currency and seek …

Continue reading “VI court issues world-first freeze in crypto case”

by Dana Kampa
June 17, 2022

SOL to replace Delta as BVIEC supplier

SOL will step in to provide No. 2 Diesel fuel and other services to the BVI Electricity Corporation through 2024, after the utility’s original contract with Delta Petroleum was terminated …

Continue reading “SOL to replace Delta as BVIEC supplier”

by CLAIRE SHEFCHIK
June 13, 2022

US hopes to seize VI-linked jets

A federal court in New York has authorised the United States government to seize two private jets collectively worth $410 million that are allegedly owned by a Russian oligarch and …

Continue reading “US hopes to seize VI-linked jets”

by CLAIRE SHEFCHIK
June 6, 2022

Fraser pushes for loan forgiveness

Despite government offering a variety of initiatives to help borrowers struggling financially due to the impacts of the Covid-19 pandemic, Premier Dr. Natalio “Sowande” Wheatley told the House of Assembly …

Continue reading “Fraser pushes for loan forgiveness”

by CLAIRE SHEFCHIK
June 6, 2022

Pier park grants $1.6m in rent concessions

More than $1.6 million in rent concessions were granted to about 70 tenants at the Cyril B. Romney Tortola Pier Park between April 2020 and February 2021 to offset their …

Continue reading “Pier park grants $1.6m in rent concessions”

by CLAIRE SHEFCHIK
May 27, 2022

Tourism numbers continue to climb

Overnight tourist arrivals in the first two months of 2022 soared in comparison to the same period in 2021, with the 26,225 visitors representing the Virgin Islands’ slow climb to …

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by CLAIRE SHEFCHIK
May 27, 2022

COI: Policy on gov’t rentals not always followed

Government leaders have not always followed 2018 guidelines for government rental property, and they have improperly excluded the Deputy Governor’s Office from the process in many instances, according to the …

Continue reading “COI: Policy on gov’t rentals not always followed”

by CLAIRE SHEFCHIK
May 20, 2022

Rymer touts Seatrade despite Fahie arrest

Cruise ship passengers’ enthusiasm for visiting the Virgin Islands hasn’t been dampened by the arrest of the territory’s former premier last month in Miami while he was on a trip …

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by CLAIRE SHEFCHIK
May 20, 2022

VI freezes $40m-plus in Russian assets

Since Russia invaded Ukraine in February, the Virgin Islands has frozen more than $40 million in assets, according to the Governor’s Office, which serves as the competent authority for sanctions …

Continue reading “VI freezes $40m-plus in Russian assets”

by CLAIRE SHEFCHIK
May 19, 2022

BVIEC: Delta can’t honour fuel contract

Delta Petroleum has notified the BVI Electricity Corporation that it cannot continue to source and supply the fuel required under the contract it signed with the utility in October, BVIEC …

Continue reading “BVIEC: Delta can’t honour fuel contract”

by CLAIRE SHEFCHIK
May 19, 2022

Despite turmoil, House passes ITA bill

Even amid the turmoil caused by the forced resignation of then-Speaker of the House Julian Willock on May 3, the House of Assembly still had time to pass a financial …

Continue reading “Despite turmoil, House passes ITA bill”

by CLAIRE SHEFCHIK
May 6, 2022

Financial services copes with Fahie fallout

The Virgin Islands financial services industry rushed to distance itself from the Miami arrests last Thursday of Premier Andrew Fahie and BVI Ports Authority Managing Director Oleanvine Maynard — as …

Continue reading “Financial services copes with Fahie fallout”

by CLAIRE SHEFCHIK

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