British Virgin Islands Chief Minister, the Honourable Ralph T. O'Neal announced recently that the government plans to abolish personal income tax on the Islands by 2004.
Speaking at a Virgin Islands Party (VIP) meeting, the Chief Minister announced that the Fiscal Review Advisory Committee will be given the job of finding alternative revenue sources to make up for the shortfall which will occur as a result of the abolition of income tax:
'By 2004, we must do away with income tax, but in the meantime, we must find ways and means of making up for that loss,' Hon. O'Neal explained. In the intervening period, however, further tax relief will be implemented for BVI residents, the Chief Minister said, citing the $3,000 tax-free personal allowance as a prime candidate for improvement:
'We intend to increase that limit and do it soon; we don't know yet what the figure would be, but we feel people need that relief,' he stated.
Hon. O'Neal also announced that a new Board of Immigration is to be appointed to deal with residency applications submitted, according to a report in the Island Sun Newspaper last week.
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