Premier and Minister of Finance Dr D Orlando Smith will be seeking permission from the House of Assembly to dip into the Consolidated Fund and withdraw $138.9 million so government can continue to operate after the start of the new financial year.
He will be seeking permission to use those monies for up to four months or until the 2019 budget (the Appropriation Act 2019) is passed — whichever comes first.
According to the order paper for Thursday’s (December 13) sitting of the House of Assembly, $116,660,900 of the $138.9 million is designated for the recurrent budget, which accounts for governments monthly/recurring revenues and expenses.
Another $2,550,000 will be used to fund capital acquisitions (government purchases) while $6,728,700 will be earmarked for capital projects (initiatives to develop, improve, and/or maintain government assets).
The remaining $13 million will be designated for loan resources.
In the meantime, today’s fourth sitting of the Fourth Session or the Third House of Assembly will also see a key piece of legislation being introduced — the Economic Substance (Companies and Limited Partnerships) Act, 2018. This legislation consists of a number of policies intended to keep the BVI off the European Union’s dreaded blacklist of non-compliant tax haven jurisdictions.
Premier Smith hopes the legislation will be approved and becomes law by December 31, 2018 – the deadline set by the European Union.
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