This news is good both for BVI residents and for offshore businessmen having property in the British Virgin Islands.
On the 2nd of May the Legislative Council of the BVI held a meeting where the introduction and first reading of the 2006 Land and House Tax Amendment Act was made by BVI Minister for Finance Honourable Ronnie W. Skelton.
Under the existing system, land and house taxes are paid separately twice a year – in May and September. Ms. Sylvia Moses – acting Commissioner of the Inland Revenue Department – says that the merger of land and house taxes means that those who have property in the BVI will no longer make two separate payments to the Government. The one-time payment will let property owners update their taxes in an easier way. She also stresses that property owners are responsible for bringing their payments up to date.
In accordance with the bill, exemptions from property tax will be extended to cemeteries, burial grounds, rights of way and easements. If the owner of a building and the owner of the land are different persons, both will pay taxes separately.
The bill changes not only the procedure of paying taxes – the functions and powers of the Governor will be passed to the Minister of Finance. As to the responsibility of classifying land, it will be passed from the Governor to the Commissioner of Inland Revenue.
The bill is aimed at amending the Land and House Tax Ordinance and its regulations and replacing the two taxes with one called the property tax. The new law will be called the Property Tax Ordinance, and its accompanying regulations will be similar to those under the Land and House Tax Ordinance.
The Legislative Council in the BVI is the lawmaking body to authorize all public expenditure. The Legislative Council of the BVI consists of 13 members (4 elected territory-wide, 9 elected by districts). It elects a speaker (unelected person) and a deputy speaker (an elected member on the government side).
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