Stamp Duty
Stamp duty or a tax is required on certain documents. These documents are to be stamped on their face. Documents on which a stamp duty is to be affixed and the current rates of stamp duty are as follows:
| Bonds |
0.2% |
| Bills of Sale |
0.2% |
| Charges |
0.2% |
| Debenture |
0.2% |
| Affidavit |
$1.00 |
| Amendment of Charge |
$5.00 |
| Discharge |
$5.00 |
| Power of Attorney |
$5.00 |
| Promissory Note |
$5.00 |
| Consent |
$5.00 |
| Surrender of Lease |
$5.00 |
| Caution |
$5.00 |
| Transmission |
$5.00 |
| Grant of Easement |
$5.00 |
| Guarantee |
$5.00 |
| |
|
| Transfers: |
|
| Belonger (by Natural Love & Affection) |
$5.00 |
| Non- Belonger |
12% |
| Belonger |
4% |
| Leases - Non-Belonger |
1.5% |
| Belonger |
1.0% |
Stamp Duty should be submitted to the Inland Revenue Department along with the document to be stamped by you or your representative within 30 days of the execution if you are in the BVI. If you are outside the BVI, you or your representative will have 90 days to submit the stamp duty. After the 30 and 90 days (whichever applies to you) periods for paying stamp duty, a penalty of $30 will be charged. If the unpaid duty is more than $30, interest at the rate of 8% per annum will also be charged on the outstanding amount from the date of the document until the duty is received by the Inland Revenue Department.
Customs Duties
You have to pay Customs Duties on most imports to the BVI at rates between 5% and 20%, but there are some exemptions. The list of custom duties on various goods is extensive, so it is best to check with the Department of Customs for details.