Even though the government doesn’t expect the planned Global Minimum Tax to adversely affect the Virgin Islands’ financial services sector, discussions are ongoing with the industry in order to ensure the territory is “up to date” as leaders consider the way forward, according to Deputy Premier Lorna Smith.
“The [VI] has always adhered to all of the requirements that [the international standard setters have set], and this is no different,” Ms. Smith said during an Aug. 15 press conference where she was asked about the GMT. “We’re talking about the Global Minimum Tax that came out of the Base Erosion and Profit Shifting initiative — of which [VI] has been a member for many years — and the [VI] has been watching the situation very closely.”
The Base Erosion and Profit Shifting (BEPs) 2.0 Project was approved in 2021 by 141 Organisation for Economic Co-operation and Development member jurisdictions.
