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| Lowtax Network Sites |
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| Tax News: Global
tax news, continuously updated through the day. |
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| TreatyPro: Online
tax treaty resource. |
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| BVI Confirmed As A Top Financial Centre |
by Amanda Banks, Tax-News.com, London
Thursday, October 23, 2008
The British Virgin Islands has reaffirmed its place
as a ‘top financial centre’ in terms of regulation and taxation, according
to the City of London's Global Financial Centres Indexes.
The British Virgin Islands maintains its place at 29th this year with an increased
rating of 10 to 584. The BVI has also been placed among the world’s most
stable finance centres, just behind jurisdictions such as Zurich, Hong Kong
and the Isle of Man.
The report notes: “Offshore and niche centres continue to grow in importance…The
regulatory environment (which includes taxation) is still seen as the single
most important factor in a centre’s competitiveness.” The report
cites speed of decision-making
and a coherent regulatory regime as increasingly important reasons why relatively
small financial centres are very competitive.
In a press release released by BVI earlier this month, the BVI Financial
Services Commission said: “In these challenging times, it is good to know
that practitioners across the world continue to view the BVI as a leading global
finance centre”.
He added: “as the global index shows, the BVI’s good regulation
continues to enhance our reputation among professionals. We are committed to
doing what is needed to meet international standards, concerns and expectations
while remaining competitive.”
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