Tax and accounting regulations

A coherent offshore planning tax strategy is essential to maximize the effectiveness of offshore companies. Eltoma can assist by structuring the most tax efficient strategy to satisfy your requirements. Eltoma will guide you as to which jurisdictions offer the best tax structure by identifying the types of tax payable as well as applicable exemptions and incentives. Eltoma will provide tax planning advice that will identify which is the most favourable, tax efficient jurisdiction in which to incorporate.

The following information provides an overview of the tax and accounting regulations in British Virgin Islands.

Tax System:

The following are exempt from tax:

  • Income.
  • Royalties.
  • Capital Gains.
  • Inheritance.
  • Profits.
  • Transfer.
  • Net Worth.
  • Dividends.
  • Investments.
  • Capital Transfers.
  • Interest – Although there is no tax on interest the BVI has implemented the EU savings directive which means that agents making interest payments to residents of an EU member state will automatically exchange information with the relevant member states tax authority with respect to the identity of the beneficial owner and the payment.

International Aspects of Taxation:

Double Taxation Treaties – There are no Double Taxation Treaties in place.

Annual Reporting Requirements:

There is no requirement to file audited accounts with the authorities; a company is required to keep financial records which reflect the financial position of the company.

Take the next step, we are here to help.

Register a BVI (British Virgin Islands) company.
Open a BVI (British Virgin Islands) bank account.

  Resources:

 

The Investigation of a Cyprus Company's Affairs: Application of the Law & Effectiveness

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Director’s Duties & Liability Insurance in Cyprus

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Q&A: Singapore Small Company Concept for Audit Exemption

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

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EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

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Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

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As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

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