Beautiful Virgin Islands

Thursday, Jul 03, 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
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×