BVI maintains 0% rate for IBCs

The British Virgin Islands has seen off a threat to the future of its popular International Business Companies Act (IBC), ensuring that international investors will continue to benefit from a zero rate of taxation. In response to the pressure from the OECD to equalise the tax treatment of offshore and onshore vehicles, the Caribbean jurisdiction is to reduce all corporate tax rates to zero, a mirror of moves made by The Isle of Man, Jersey and Guernsey. The official position has been laid out by the Financial Services Commission (FSC) in the new BVI Business Companies Act. The act, which...