Government
The Queen Elizabeth is the superlative authority and she has the authority to appoint the governor of British Virgin Island. British Government advices the name of the governor to the Queen Elizabeth as a part of the procedure. The defense and foreign affairs of British Virgin Island is the core responsibility of the United Kingdom. In the year 2007, the new constitution was adopted named as the Virgin Islands Constitution Order, 2007. This constitution came into act when the legislative council was liquefied for the general elections of 2007. The Government’s head according to the latest constitution is the chief minister, who is chosen in a general election all along with the additional associates of the current government as well as the associates of the opposition.
Economy
There are two major pillar of the economy that includes tourism and financial services. Tourism is more significant of the two, as it utilize a superior number of people within the region, and a superior amount of the businesses in tourist industry are owned locally as majority of the sole traders are taxi drives and street vendors. Economically though, financial services connected with the territory's current status as an off-shore financial hub are by faraway the more imperative. The 51.8% of Government's income arrives directly from authorization fees for overseas companies, and substantial further sums are lifted indirectly and directly from payroll duties concerning to the salaries paid within the trust industry division (which leans to be superior on average than those rewarded in the tourism segment). As an overseas financial hub, The British Virgin Islands benefits from one of the extra wealthy economies of the Caribbean constituency, with around per capita average revenue of approximately $42,300.
Taxation
All companies included in the British Virgin Islands or controlled and managed in the British Virgin Islands are considered as residents and that is why they are bound to pay income tax accounting to the Income Tax Act of the British Virgin Islands. Since the British Virgin Islands is regularly labeled as a tax haven by many campaigners and NGOs and it has been explicitly named in the anti tax haven legislation in many countries on different occasions. Consecutive Governments in British Virgin Islands have wrestled not in favor of the tax haven label by many countries, and made diverse promises to tax exchange and to the recording of useful ownership information of organizations following the G8 summit of 2008. In September 2013, David Cameron the British Prime Minister stated that "he do not feel it is justified any more to be referred by the foreign territories or Crown dependency as the tax havens. They have now taken some serious actions to make sure that they have reasonable and quiet open tax systems. It is very essential that their focal point should now to shift those countries and territories that are really tax havens.
Relationships with International Bodies
British Virgin Islands is associated with Caricom, Interpol (sub-bureau), CDB, OECS, IOC, UNESCO (associate), UPU and most importantly United Nations. Due to exceptional affiliations across the globe, the British Virgin Islands has been able to succeed in receiving the international grant for the education, health, road and other important aspects of the infrastructure. The affiliations with these international bodies make a new road way for the BVI to develop and take advantage of global experts and support.
Intellectual Property Protection
The much expected Trade Marks Act was approved by the Assembly in the year 2013 and is likely to be brought into power soon by signature of the Governor. It brings in much needed alteration to trademark industry in the British Virgin Islands and places the region in line with other up to date jurisdictions. It substitutes the Trade Marks Act of 1887, the Merchandise Marks Act, the Re-Registration of UK Trade Marks Act, 1946. Copyright security laws in the British Virgin Islands are implemented under the patent (Virgin Islands) Act, which enlarges the provisions of the UK Copyright Act of 1956. Though there is no local or other copyright registry. Patents are listed under the Registration of UK Patents Act. Patents must initially be registered in the UK before they can be registered in territory.........................................
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