Saturday, Dec 09, 2023

Fraser says BVI businesses treated unfairly

Fraser says BVI businesses treated unfairly

Third District Representative Julian Fraser pressed Premier Andrew Fahie in the House of Assembly on July 31 about what he described as unfair burdens placed on local Virgin Islands businesses, arguing that they should not be subjected to the same fees and regulations as international companies.

Mr. Fahie agreed with Mr. Fraser’s analysis, calling the situation a “harsh reality” and explaining that the VI merged the two company “regimes” in 2004 in order to comply with global standards and regulations.

He pointed out that the HOA passed the Micro Business Companies Act 2017 as “an attractive, cost-effective alternative corporate vehicle for startup entrepreneurs and locally traded companies that do not operate or intend to operate complex structures.”

Mr. Fahie added that the Financial Services Commission is working on ways to operate the “MBC regime” so as to provide relief for local companies.

‘Total nonsense’

Mr. Fraser retorted by calling the MBC Act “total nonsense,” to which Mr. Fahie asked Mr. Fraser to “please share that model with us” that won’t “create any hardship or concerns by the [Organisation for Economic Cooperation and Development] and all those other entities that comment on financial services around the world.”

In another question, Mr. Fraser pushed Mr. Fahie on whether the VI is being “shortchanged” by the financial services industry, comparing the territory to other finance centres like Luxembourg and Monaco.

Mr. Fahie explained that one in ten workers in the territory is employed in the international business and finance sector and that average annual earnings across all sectors amount to about one third of the average annual earnings made by employees in those sectors.

He added that financial services revenues make up about 62 percent of government revenue.

The premier went on to say that employees in the financial services industry stimulate the economy by renting homes and spending money at restaurants and other businesses.

He added that it is “futile” to compare the VI to Luxembourg and Monaco, which have different financial services models, and that the territory’s own industry helps support a sustainable economy with minimal debt and was crucial in aiding the islands after the devastation of the 2017 hurricanes.


Related Articles

Venezuela Steps Up Claim on Guyana's Essequibo Region
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
An Ominous Shift in Warfare: Western Powers Risk War Crimes and Violate International Norms with Cluster Bomb Supply to Ukraine
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution