BVI News

Employment growth! 2019 income tax revenue ‘surpasses expectations’ and reels in $51.8M

Business Taxes 2019 concept close up

Income tax in the British Virgin Islands has exceeded expectations, reeling in some $51.8 million this year, Premier and Finance Minister Andrew Fahie has said.

He said the above figure is $1.3 million more than the amount projected in the 2019 budget. 

“This is a sign of employment growth, which is an indication of a recovering economy,” the Premier said while delivering his address for the 2020 financial year recently.

“It is estimated that $350.3 million of the $361.8 million budgeted revenues were realised under your government’s astute and prudent management. The projection is for ending the year with a recurrent surplus despite having to deposit $26.9 million to the Reserve Fund in 2019 to bring our territory into compliance with the ratios under the Protocols for Effective Financial Management,” the Premier added.

Other sectors performing well

Despite the looming impact that public registers of company beneficial ownership could have on the territory when they are implemented in by the end of 2023, Fahie said it appears that other sectors will cushion the blow.

“For instance, hotel accommodation tax is estimated at $2.68 million, which is $1.48 million above the sum anticipated in the budget and more than double this revenue category’s performance in 2018. Recovery of our tourism industry is on the move. Collection from the Environmental Levy has increased by over 32 percent — which translates to over half-a-million dollars more than 2018. Proceeds from cruising permits are estimated to pass the 2019 approved budget by $0.9 million to total $4.3 million. This is in excess of $1 million more than the actual revenue from cruising permits for 2018,” the Premier said.

He added: “Taxes from international trade is estimated to have jumped by more than $5 million compared to 2018, and more than $4 million than what was budgeted at the start of the year. This is largely attributed to the diligence of our hard-working team at Her Majesty’s Customs. This has all been accomplished in an environment of heightened demand for goods, especially building materials.”

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14 Comments

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  1. i wanna know says:

    are we still going to give oil nut bay and mosquito island continued tax breaks??????????

    Like 21
    Dislike 2
  2. hmm says:

    Well when you are taking out a nice meaty chunk of our salaries every month, with the cost of living continuing to increase, not to mention the failing NHI fees, school fees, etc etc etc. of course you are jumping for joy at your 51M, never mind the suffering ppl. But good for you guys!!!

    Like 24
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    • @hmm says:

      I think the reason for this growth is all those dead weight political affiliates with big salaries that the VIP government are sticking in all the statutory bodies.

      The Variance might look positive in the government’s book but what’s the flip side for these government entities that did not budget for those jokers.

      Like 11
      Dislike 1
    • Bruce says:

      Thrives in government continue to steal from the people . Whole delivering nothing good for the people. Get rid of NHI

      Like 4
      Dislike 3
  3. TurtleDove says:

    “It is estimated that $350.3 million of the $361.8 million budgeted revenues were realised under your government’s astute and prudent management.”

    Just give the numbers let others toot your horn.

    Nice accomplishment though!!!

  4. YEH says:

    BVI have Income tax?

    Like 2
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  5. Sue says:

    Time for increment

    Like 4
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  6. Anonymous says:

    And salary increase, espeially for teachers.

    Like 10
  7. Changing Paradigms says:

    Attn: BVINews.com. Please reposted this message. We have found this blog to be the most unbiased, opened platform in our territory to date, and a true testimony to reasonable free speech. “What is good for one, should be good for all.” Can’t say the same for some seemingly propaganda sites whose objective appears to be only for select comments. Thanks in advance.

    Ha…@mark my words. Cronies and want to be cronies need to hear this twice.

    The bootlicking jiggerboos and buck-dancing cronies will soon feel the wrath of true karmic dust. Keep it up!

    Some of us can not be intimidated, nor have no fear of any human who has one head attached with limited brain cells.

    Already pass those grades, and that unread memo has already been thrown in the trash. Those that are “being positioned” to siphoned off our treasury will be stopped permanently in their tracks. Our promising young people in our society will not be disenfranchised for exercising their constitutional rights, regardless of their political affiliations, for a set of- for self only cronies.

    We participated for change- and change we will get. We will not have a repeat of the same nonsense that has been going on for donkey years, under the veil with different disguises. Leave those kindergarten tactics for the deaf, dumb, and blind.

    We play chess, not checkers. Or do you honestly believe some of you are dealing with the deaf, dumb, and blind, here.

    Every move is calculated. We supported certain moves to teach certain public figures a lesson in tough love. Some need to learn the lesson of “loyalty over money.”

    The support of private security is a move even the deaf, dumb, and blind could discern. The cost per square footage of office space for government temporary move, that rivals any developed metropolitan city space, is an insult to the intelligence of the adepts.

    If we continue to allow certain moves to go on, what will happen within 4 years, will make what happened under the NDP, look like an underdeveloped embryo.

    We connect dots very accurately, and our moves are made to evoke the spirits of the unjust. Not everyone soul has been sold.

    Likewise, we are very aware that when those who chose to fight for our people decide to make that stand, they should also know to only fight with one hand, so the other hand can be used to fight off their own, that is- Bootlicking Cronies like you.

    And by the ways, we do not want to hear anymore about the NDP and what they may have done or did not do. M&M have not done anything close to what certain cronies are being positioned to possibly indulge in. So, it’s time to stop blowing that overplayed horn and get off their backs and stand on you’ll own two feet.

    As hon Fraser rightfully said, the honeymoon is over…”

    We must pass the stage of kindergarten politics to even begin to entertain a discussion of self-determination.

    Until then, god save the queen and her overseers, who are lights ahead in the art of this political game, must remain to arbitrate the necessary checks and balances, particularly from those intoxicated by the idea of more power, (or access), equals more money.

    The move forward must be about doing the right things and balancing out the playing field so we all can grow.

    Conversely, we are also very aware of those who consult and indulge in the occultation of the dark sciences, but be warned, their scrying of those dragon glass mirrors had better be properly deciphered as to not evoke the caduceus staff of Neith.

    Finally, Basic. Instructions. Before. Leaving. Earth.- “For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.” Carry-on.

    Like 7
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    • Ohk says:

      Blessed that is so real
      Need more like you

    • One Eye says:

      @Changing Paradigms you hit the nail on the head with your post. I hope they read your post. Too much folly going on in this place and we expect it to get better?!! But there are those of us watching and noticing. Rest assured not all of us are dumb and blind. The people must force change on our leaders and demand proper leadership, we are maneuvering through serious times here. The usual nonsense we cannot tolerate any longer.

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