BVI To Probe Stamp Duty Evasion
British Virgin Islands Governor David Pearey has announced that a commission
of inquiry would be instituted after the election to investigate concerns related
to the apparent undervaluing of property for the purpose of avoiding stamp duty.
The Governor said that his decision arises out of the recommendation in favour
of an inquiry made in a March 2006 Public Accounts Committee report. “In the intervening 14 months there has been a full investigation by
the Attorney General and the Director of Public of Public Prosecution into the
transactions highlighted in the report,” the Governor said. “These
transactions were found to have given rise to an underpayment of stamp duty
in excess of $500,000. Full payment of these sums is being secured, but evidence
points to the likelihood that this practice has been continuing over many years.” The Governor said that the commission of inquiry will sit after the election.
It will examine the evidence of underpayment over a period, if necessary as
far back as the year 2000 or beyond, and other related matters. Elections are constitutionally due in the territory in June 2007 but must be
held before October 10. “The post-election timing for the inquiry is so as to ensure that it
is able to reach judgments away from the political limelight,” the Governor
said. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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