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Financial Services and Agriculture of the British Virgin Islands

Update Date:2018-2-27 11:37:44     Source:www.3737580.com     Views:609

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Financial services account for over half of the income of the Territory. The majority of this revenue is generated by the licensing of offshore companies and related services. The British Virgin Islands is a significant global player in the offshore financial services industry. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 41% of the world's offshore companies were formed in the British Virgin Islands. Since 2001, financial services in the British Virgin Islands have been regulated by the independent Financial Services Commission.


As such the British Virgin Islands is frequently labelled as a "tax haven" by campaigners and NGOs, and has been expressly named in anti-tax haven legislation in other countries on various occasions. Successive Governments in the British Virgin Islands have fought against the tax haven label, and made various commitments to tax exchange and recording beneficial ownership information of companies following the 2013 G8 summit. On 10 September 2013 British Prime Minister David Cameron said "I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems. It is very important that our focus should now shift to those territories and countries that really are tax havens."

 

 

Agriculture and industry account for only a small proportion of the islands' GDP. Agricultural produce includes fruit, vegetables, sugar cane, livestock and poultry, and industries include rum distillation, construction and boat building.

 


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