BVI Premier to seek permission to use Consolidated Fund

By CMC

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BVI Premier Dr D Orlando Smith

(CMC) – Premier Dr. Orlando Smith will on Thursday ask legislators for permission to withdraw US$138.9 million from the Consolidated Fund so government can continue to operate after the start of the new financial year.

According to the order paper for Thursday’s sitting of Parliament, the Premier, who is also Finance Minister will be seeking permission to use those monies for up to four months or until the 2019 budget (the Appropriation Act 2019) is passed — whichever comes first.

The order paper states thatUS$116,660,900 of the $138.9 million is designated for the recurrent budget, which accounts for governments monthly/recurring revenues and expenses.

Another US$2,550,000 will be used to fund capital acquisitions (government purchases) while $6,728,700 will be earmarked for capital projects (initiatives to develop, improve, and/or maintain government assets).

The remaining $13 million will be designated for loan resources.

Meanwhile, Thursday’s fourth sitting of the Fourth Session will also see a key piece of legislation being introduced — the Economic Substance (Companies and Limited Partnerships) Act, 2018. This legislation consists of a number of policies intended to keep the BVI off the European Union’s dreaded blacklist of non-compliant tax haven jurisdictions.

Premier Smith hopes the legislation will be approved and becomes law by December 31, 2018 – the deadline set by the European Union.

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