During the 7th Global Forum, when so many jurisdictions came together and signed the first ever multilateral competent authority agreement (MCAA) to automatically exchange information, commitments were made to implement the new standard on Automatic Exchange of Information (more here).
With commitment to maintain the jurisdictions competitiveness and with the intention to stay compliant with the International Transparency Standards, the BVI Government introduced amendments to the act. The BVI Business Companies (Amendment) Act 2015 was enacted in the House of Assembly on December 21, 2015.
Sometimes it is good to simply rest your mind and read something interesting, hope you find this entertaining.
My personal favourite quote form the ones I’ve seen is:
“The difference between death and taxes is death doesn’t get worse every time Congress meets.”–Will Rogers
Incubator Fund and Approved Fund
BVI Financial Services Commission (FSC) already offers a wide range of investment business licenses regulating private, professional and public fund recognitions and registrations. However not all the start-ups have the start-up capital, time or qualification to undergo the Securities and Investment Business Act (SIBA) licensing procedure.
These two new products are some good news that will indeed attract many start-up investment managers that are interested to start open-ended funds, especially since these products are lightly regulated, flexible, cost efficient and turnaround for the application review is much faster.
I find this somewhat supporting form the FCS to encourage, support and guide those smaller start-ups, by creating these new two categories – “Incubator Fund” and “Approved Fund”.
There are many different taxes, both “once upon a time” and “nowadays”
I like this one, nowadays there are so many glass houses, wonder what they would pay in taxes?!
Window tax was introduced in England and Wales in late 17th century. Houses then were taxed depending on the number of windows they had. France and Scotland also introduced similar taxes. This tax, obviously, led to some architectural, social and cultural changes during the time it was in force. Like then like now, people would do what they can to reduce the tax, so for less tax, they would have to reduce number of windows. In England there are still houses with bricked up windows.. Later the tax was referred as tax on light and air and caused some health problems, following which it was abolished.
You can see here, google street view, a street still with bricked up windows in several places
Following the Global Forum (OECD) Peer Reviews some recommendations in regards to accounting records keeping were presented in order to ensure the BVI ability to co-operate with other tax administrations in accordance with the internationally agreed standard. BVI Business Company record keeping requirements have been amended with the 2012 and 2014 amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003. These changes are an addition to already existing record keeping requirements as expressed in the BVI Business Companies Act, 2004.
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