Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
British virgin islands Income Tax
Tax Basis – The British Virgin Islands (BVI) does not levy personal income tax.
Residence – An individual that is domiciled in the BVI is deemed to be resident.
Tax Filing status – No
Taxable income – No
Capital gains – No
Deductions and allowances – No
Tax Rates – No
Residence – An individual that is domiciled in the BVI is deemed to be resident.
Tax Filing status – No
Taxable income – No
Capital gains – No
Deductions and allowances – No
Tax Rates – No
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
Capital duty – No
Stamp duty – A 12% stamp duty is levied on property transactions; minimal duty is levied on other conveyances.
Capital acquisitions tax – No
Real property tax – Land Tax is levied at $50 per acre. Building Tax is levied at 1.5% of the annual rental value.
Inheritance/estate tax – No
Net wealth/net worth tax – No
Social security – Employers must pay 4.5% of the employee's salary and the employee contributes 4% (up to a cap).
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
Administration and compliance:
Tax year – Calendar year
Tax Filing and payment – No
Tax Penalties – Yes, but not significant.
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
British virgin islands Corporate Tax
Residence – A company is resident if it is managed and controlled in the British Virgin Islands.
Basis – The British Virgin Islands (BVI) does not levy corporate income tax.
Taxable income – No
Taxation of dividends – No
Capital gains – No
Losses – No
Tax Rate – No
Surtax – No
Alternative minimum tax – No
Foreign tax credit – No
Participation exemption – No
Holding company regime – No
Incentives – No
Basis – The British Virgin Islands (BVI) does not levy corporate income tax.
Taxable income – No
Taxation of dividends – No
Capital gains – No
Losses – No
Tax Rate – No
Surtax – No
Alternative minimum tax – No
Foreign tax credit – No
Participation exemption – No
Holding company regime – No
Incentives – No
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
Withholding tax:
Dividends – No
Interest – No, but the BVI has implemented the EU savings directive, i.e. agents making interest payments to residents of an EU member state will automatically exchange information with the relevant member state's tax authorities with respect to the identity of the beneficial owner and the payment.
Royalties – No
Branch remittance tax – No
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
Other taxes on corporations:
Capital duty – No
Payroll tax – Yes
Real property tax – Yes
Social security – Yes
Stamp duty – A 12% stamp duty is levied on property transactions; minimal duty is levied on other conveyances.
Transfer tax – No
Anti-avoidance rules:
Transfer pricing – No
Thin capitalisation – No
Controlled foreign companies – No
Disclosure requirements – No
Tax year – No
Consolidated returns – No
Filing requirements – No
Penalties – No
Rulings – No
Avv. Simone Fazzari
Simone Fazzari & Barry Smith Law Offices
Simone Fazzari & Barry Smith Law Group
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