The Financial Services Commission (FSC) is reportedly performing considerably better in generating revenue this year than last year.
This is according to statistics from Minister of Finance, Dr D Orlando Smith.
Within the first three months of 2018, the FSC earned some $8.5 million more than it did during the same period in 2017.
For the first three months of last year, the FSC generated $25,380,887. The FSC earned $33,964,532 during the corresponding period this year.
The FSC saw an increase in revenue despite experiencing a drop in the number of cumulative active companies registered with the Commission.
The Commission had some 26,793 fewer active registered companies in the first three months of this year than last year.
“There was an increase in fees and this is why there was an increase in revenue,” Dr Smith explained in the House of Assembly on Thursday, June 28.
“We still have to be very careful, very conscious. This is why we still have to promote the sector,” added the finance minister, who recently returned from a two-week trip to Asia to promote local financial services.
News of the FSC’s good performance comes amid the United Kingdom’s public registers policy, which is feared will have negative effects on local financial services, if implemented in the BVI.
The sector accounts for about 60 percent of the territory’s annual revenue.
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