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British Virgin Islands Increasing Trade (Business) Licence Fees — Orbitax Tax News & Alerts

British Virgin Islands Premier and Minister of Finance, Natalio D. Wheatley, has issued a statement on the Business Licencing Act 2022, which was recently passed in the House of Assembly, repealing the Business, Professions and Trade Licences Act 1989. Among other things, the Business Licencing Act 2022 provides for the introduction of a new fee structure with increased trade (business) licence fees. Currently ranging from USD 25 to USD 250 for domestic-controlled businesses and USD 200 to USD 600 for foreign-controlled businesses, the new fee structure will reportedly range from USD 150 to USD 1,500 for domestic-controlled businesses and USD 1,500 to USD 15,000 for foreign-controlled businesses. According to the statement, the new fee structure will come into force in 2024. Additional details will be published once available.

Note, the Premier's statement refers to the Act as the Business Licencing Act 2020, but it is the Business Licencing Act 2022 as confirmed by a separate statement from Strategic Adviser Lizette O. George.