According to a report from the Caribbean Development Bank, the economic outlook for the British Virgin Islands is optimistic in the medium term, despite a drop in government revenues from the financial services sector.
The reports states that real economic activity in the British Virgin Islands is likely to have increased in 2003, driven by the financial services and tourism sectors and an improved global economic environment, particularly in the United States, BVI’s main trading partner.
However, the government’s recurrent revenues are estimated to have declined by almost 19% which has been attributed in large part to a reduction in the fees taken form offshore entities, which have fallen 20%. It is thought a drop in the number of International Business Corporations is responsible for the bulk of this decline.
An increase in the personal income tax threshold is likely to add further pressure to the government’s fiscal finances, the report warns.
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