Offshore News: March 2010

16.03.2010: British Virgin Islands Prime Minister, Ralph O'Neal, has announced that during 2010 the BVI territory will run a budget surplus, although the government still intends to review indirect taxes and fees on financial services. In his budget address, O'Neal said this would be achieved by streamlining spending in the public sector and a number of revenue boosting measures.
BVI Prime Minister also said that the payroll tax system would be revised in order to create a progressive structure.
In his budget address, O’Neal said that revenue for 2010 would be around USD271m, exceeding forecasted government expenditure of USD250m.