British Virgin Is.: Living There - Tax Issues
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Last Updated: Jan 19, 2009
Living There
INDIVIDUAL TAXATION
There are stamp duties on certain transactions and tax on employment income in British Virgin Islands.
Payroll Tax
Payroll tax is levied on employment income, 8% paid by employees and 6% paid by the employers. The first US$7,500 is tax-free.
Small businesses employing less than seven people with a payroll of less than US$150,000 are only liable to pay 2% tax.
PROPERTY TAX
Land Tax
Resident property owners (belongers) pay land tax at reduced rates, compared to non-resident foreign property owners (non-belongers).
LAND TAX |
|
| LAND SIZE, IN ACRE | TAX RATE |
| Up to ½ acre (2,023 sq. m.) | US$50 |
| ½ acre – 1 acre (4,046 sq. m.) | US$150 |
| Over 1 acre | US$50 each additional acre |
| Source: Global Property Guide | |
House Tax
House tax is imposed at a flat rate of 1.5% of the assessed annual rental value (ARV). This tax is payable every 01 September annually.
British Virgin Is. - more data and information
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