British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services.
In his budget address, O’Neal said that revenue for 2010 would be around USD271m, exceeding forecasted government expenditure of USD250m.
O’Neal said this would be achieved by streamlining spending in the public sector and a number of revenue boosting measures including: an increase in the taxation of alcohol and tobacco; and a comprehensive review of existing taxes and fees. He also said that the payroll tax system would be revised to create a progressive structure. He declined, in the interest of "brevity", to go into more depth on possible tax measures to be introduced during the course of the year.
Last year ran the BVI government ran an overall budget deficit of USD7m, reporting total revenue of USD268m, a fall of 5% on 2008, and expenditure of USD275.5m..
Treaty Update: Spain - Finland
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Treaty Update: Russia - Japan
Russia and Japan signed a DTA on September 7, 2017.
Treaty Update: Isle of Man - Turkey
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
Treaty Update: United Kingdom - Belarus
The United Kingdom and Belarus signed a DTA on September 26, 2017.
Treaty Update: Morocco - Togo
According to preliminary reports, Morocco intends to launch DTA negotiations with Togo.
Treaty Update: Morocco - Bahrain
Morocco on September 21, 2017, published a notice in its Official Gazette to ratify and bring into effect the DTA Protocol signed with Bahrain in April 2016.
Treaty Update: Luxembourg - Sri Lanka
At a meeting on September 27, 2017, Luxembourg and Sri Lanka committed to expediting the negotiation of a Protocol to their double tax agreement.
Treaty Update: Burkina Faso - Turkey
Burkina Faso and Turkey initialed a DTA at the conclusion of three-day negotiations on September 22, 2017.
Treaty Update: Kuwait - Turkey
Kuwait and Turkey signed a DTA Protocol on September 15, 2017.
Treaty Update: South Africa - Cameroon
An order to bring into force South Africa's DTA with Cameroon was published in the nation's Official Gazette on September 1, 2017.
Treaty Update: Paraguay - Uruguay
Paraguay and Uruguay signed a DTA on September 8, 2017.
Treaty Update: Spain - Paraguay
According to preliminary media reports, Spain and Paraguay are to relaunch DTA negotiations.
Treaty Update: Liechtenstein - Monaco
Liechtenstein's Government has approved a double taxation agreement with Monaco, according to an August 23 announcement.
Treaty Update: South Africa - Cameroon
South Africa on September 1 confirmed that a new DTA with Cameroon entered into force on July 13, 2017.
Treaty Update: Thailand - Cambodia
Thailand and Cambodia signed a DTA on September 7, 2017.
Treaty Update: Brazil - Paraguay
Brazil and Paraguay agreed on the need to negotiate a DTA at a high-level meeting on August 21, 2017.
Treaty Update: Estonia - Japan
According to preliminary media reports, Estonia on August 24, 2017, approved the signing of a DTA with Japan.
Treaty Update: Switzerland - Zambia
Switzerland and Zambia signed a DTA on August 29, 2017.
Treaty Update: Hong Kong - Saudi Arabia
Hong Kong and Saudi Arabia signed a DTA on August 24, 2017.
Treaty Update: New Zealand - China
New Zealand and China held a second round of DTA negotiations on August 14.
Treaty Update: New Zealand - India
New Zealand is taking the necessary steps to bring its new DTA Protocol with India into effect, the Government said.
Treaty Update: Croatia - United Arab Emirates
Croatia and the United Arab Emirates signed a DTA on July 13, 2017.
Treaty Update: Canada - Grenada
Canada and Grenada signed a TIEA on July 14, 2017.
Treaty Update: United Arab Emirates - Cameroon
The United Arab Emirates and Cameroon signed a DTA on July 16, 2017.
Treaty Update: Grenada - Canada
Grenada announced the signing of a TIEA with Canada on July 17, 2017.