Effective 1 January 2005, the Government of the British Virgin Islands, by virtue of the introduction of the Payroll Taxes Act, 2004, effectively abolished both personal and corporate income tax in the Territory. Further, beginning 1 January 2005, all companies became subject to a payroll tax equating to 6% or 2% of all salaries, wages and benefits paid to employees residing in the British Virgin Islands, while employees themselves were subject to a payroll tax equating to 8% of all salaries, wages and benefits paid to them.
Where management wishes to focus their attention on the areas of greatest risk within their organisation, it may prove worthwhile for them to outsource this payroll function. Baker Tilly BVI can assist companies, with its weekly, fortnightly or monthly payroll preparation and statutory compliance with the Payroll Taxes Act, 2004 and The Social Security (Contributions) (Amendment) Regulations, 2005. Our basic services include:
In addition to the above services, we can also perform the annual filing of Payroll Tax Form P11.
We acknowledge the confidential nature of such information and guarantee that we hold all our clients’ proprietary, confidential and trade secret information in trust and confidence.
T: +284 494 5800 Ext 228