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VI leaders being terrorised by powerful countries – E. Maduro
The state of double slavery, Maduro alleged, is about to come upon the people of the Virgin Islands. “And servitude is being brought back upon us by the implementation hegemony….. our leaders are being coerced by industrialised and powerful nations to economically, financially, socially and politically terrorise the people of the BVI,” Mr Maduro further alleged on his show aired on CBN Channel 51 on September 7, 2013.
The outspoken social commentator once again dedicated his show over the weekend to deliberate and elaborate on the issues surrounding the US government’s request for financial information on their citizens living or having business interests in the Virgin Islands. The current negotiation between the two countries, USA and the VI, must allow the course of justice according to Maduro.
He said he was very concerned about the issue of double taxation especially because smaller countries have had to be subservient to industrialised countries in terms of doing their own national business as he feels the USA is trying to force a process of double taxation on investors.
“Double taxation is when more than one country levy or enforce taxes on a person or corporation just like that. The country in which they operate will place or enforce a tax on them. The country where they are getting their money or where they come from will also enforce a tax. It is also enforced on assets in some cases,” said the talk show host.
He said this is a situation that some companies that exist in the Virgin Islands can find themselves in especially those who are from the USA and do business here in the VI.
He said while the Government of the Virgin Islands is engaging with the USA government on the issue of exchange of information, there are already international laws in place for the USA or any other country in the world to get any information it may require from the Virgin Islands. “But they can only get information on persons or cooperation that are offenders of the law,” he stressed.
According to Mr Maduro, as he addressed the issue on his TV talk show BVI Forum, the constitutions of the VI, UK and the USA are protective of the business of the ordinary person. “Therefore it is not internationally correct or straight for any government office to be giving out information or any country whether it’s the United States or what, without it being first examined by the courts to see if that is a legitimate request that should be honoured,” he stressed.
Meanwhile, Premier Smith recently denied that the Virgin Islands is being forced or coerced into finalising an Inter-Governmental Agreement (IGA) with the United States under the Foreign Account Tax Compliance Act (FATCA) but instead his government is of the opinion that cooperating is what is best for the territory.
“The BVI public needs to know and understand that FATCA is a United States Law designed to ensure tax compliance by US persons (which includes individuals and businesses) with foreign accounts and assets. The law is of universal application against US persons, unlike the tax regimes of many jurisdictions including the BVI. Already, all US persons, including BVI/Americans and US persons investing in the BVI are currently required to report to the US Government," Premier Smith said in a statement to media houses on August 29, 2013.
The leader of the ruling National Democratic Party (NDP) insisted that FATCA does not place an obligation on any foreign government, but its implementation has potential economic ramification for jurisdictions that may have trading links with the United States, whether directly or indirectly, as it enables the US tax authorities to place a withholding tax in relation to all transactions made in or passing through the United States as they relate to US persons.
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16 Responses to “VI leaders being terrorised by powerful countries – E. Maduro”
Only for idiots who like the spotlight but hate to read. Google FATCA and tons of information on how it works comes up, but who has time for that when you can talk s^&t and get people riled up for no reason?
Furthermore if BVIslanders would stop having their children in the USA this wouldn't be such a big issue here.