Beautiful Virgin Islands

Thursday, Jul 24, 2025

Overdue taxes will be deducted for gov’t contractors in bad standing

Overdue taxes will be deducted for gov’t contractors in bad standing

Any business or individual that wishes to enter into a contract with the BVI government will now be required to get a Certificate of Good Standing. This decision was taken at a recent Cabinet meeti…

Any business or individual that wishes to enter into a contract with the BVI government will now be required to get a Certificate of Good Standing.

This decision was taken at a recent Cabinet meeting on September 21.

In the decision document arising from that meeting, Cabinet said these businesses and individuals will be assessed by the Inland Revenue Department (IRD) to ensure they are in good standing with their taxes.

“Where it has been determined that taxes are outstanding, such sum owing or a portion thereof agreed to by both parties, would be deducted in accordance with Chapter 206 – Income Tax, Clause 65A,” Cabinet stated.

SSB, NHI, IRD instructed to come up with proper plan


While on the subject of certificates of good standing, Cabinet also decided that the IRD, the Social Security Board, and the National Health Insurance (NHI) must collaborate and present to the Cabinet a Joint Implementation Plan in thirty (30) days.

This plan should outline how these three tax-collecting agencies will produce — in a timely and efficient manner — good standing certificates to persons and businesses that request these documents.

As that plan is drafted for future consideration, Cabinet further decided that businesses will get a one-year grace period to produce their Certificates of Good Standing and Certificates of Earnings to the IRD.

The grace period is also extended to applications for Social Security and NHI during the work permit and entry permit process.

Struggles relating to good standing certs


The latter Cabinet decision comes a month after Labour Minister, Vincent Wheatley faced criticism from Opposition legislator Julian Fraser for the government policy which required work permit holders to provide a Certificate of Good Standing — for both themselves and their employees — if they wish to renew their work permit and extend their stay in the territory.

Also, earlier this month, Premier Andrew Fahie announced that the government would implement a new policy that offered relief for many struggling business owners in regards to Good Standing Certificates requirements. The previous policy required outstanding payments to be paid in full before the certificates were granted. However, this approach was quickly rolled back and allowed for payments to be made over a one-year period.

Fahie had said the COVID pandemic along with the recovery from hurricanes Irma and Maria meant many businesses were facing financial trials and paying those monies up front came with great difficulty.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
×