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Virgin Islands News




IRS Adds To US Territory Residency Rules

by Mike Godfrey, Tax-News.com, Washington

Friday, August 28, 2015

A notice of proposed rulemaking issued by the US Internal Revenue Service on August 26 has proposed amendments to the regulations for determining whether an individual is a bona fide resident of a US territory. Read Full Story

 


OECD Releases New Tax Information Exchange Ratings

by Mike Godfrey, Tax-News.com, Washington

Tuesday, August 11, 2015

The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes has published new peer review reports for 12 jurisdictions on the implementation of its global standards on transparency and the exchange of information in tax matters. Read Full Story

 


IRS Reminds Firms Of Transaction Disclosure Rules

by Mike Godfrey, Tax-News.com, Washington

Tuesday, May 26, 2015

The US Internal Revenue Service has reminded businesses in US territories, including individuals who are sole proprietors, that they must report cash transactions of more than USD10,000 received in a trade or business. Read Full Story

 


BVI Financial Services Industry To Take New Direction

by Mike Godfrey, Tax-News.com, Washington

Monday, April 27, 2015

The British Virgin Islands Government has received a report that it commissioned on finding a new direction for the financial services industry, the recommendations from which will now be implemented. Read Full Story

 


BVI Updates FATCA Reporting Guidance

by Mike Godfrey, Tax-News.com, Washington

Wednesday, April 1, 2015

The British Virgin Islands has published revised guidance notes on the international tax compliance requirements under its intergovernmental agreements with the United States and the United Kingdom. Read Full Story

 


IRS Issues Revised Tax Guide For Aliens

by Mike Godfrey, Tax-News.com, Washington

Tuesday, February 3, 2015

The Internal Revenue Service has released revised versions of its Tax Guide for Aliens and its Tax Guide for Individuals Receiving Income from the United States Possessions – American Samoa, Puerto Rico, the US Virgin Islands, Guam, and the Northern Mariana Islands. Read Full Story

 


Few Changes In British Virgin Islands' 2015 Budget

by Mike Godfrey, Tax-News.com, Washington

Friday, December 19, 2014

The Government of the British Virgin Islands has announced a number of measures in the 2015 Budget to expand the territory's revenue base. Read Full Story

 


Canada Consults On Numerous Tax Law Amendments

by Mike Godfrey, Tax-News.com, Washington

Wednesday, September 3, 2014

The Canadian Government is consulting on draft legislative proposals that would implement personal, business, and international tax measures announced in the Economic Action Plan 2014. Read Full Story

 


US Territories Seek Clarity On Net Investment Income Tax

by Mike Godrey, Tax-News.com, Washington

Monday, August 18, 2014

The American Institute of Certified Public Accountants has written to the United States Congress to request clarification on the applicability of the net investment income tax to residents of the US Virgin Islands, Guam, and the Commonwealth of the Northern Mariana Islands. Read Full Story

 


US MNCs 'Pay Over 27 Percent Tax On Foreign Income'

by Mike Godfrey, Tax-News.com, Washington

Wednesday, May 21, 2014

A study by the Tax Foundation has found that, "while it is undoubtedly true that United States multinational companies use numerous tax planning techniques to minimize the taxes they pay on their foreign earnings," Internal Revenue Service data shows that the effective tax rate on their foreign income was 27.2 percent in 2010. Read Full Story

 

 

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