Governor Pearey appoints commissioner of enquiry

Roadtown, Tortola - Governor David Pearey today at a press conference announced that Sir Brian Alleyne has been appointed commissioner for the enquiry into the possible undervaluing of property to avoid chargeable stamp duty.

The Governor pointed out that the enquiry is fact-finding and it will examine conveyances that exceeded a value of $750,000 over six years from January 1, 2000 to December 31, 2006.

“The Commission of Enquiry is being mounted only after very careful consideration of its merits.  I pay tribute to the work of the Public Accounts Committee (PAC) in examining the matter in their March 30, 2006 report.  After carefully considering the evidence in the report from mid-2004 to mid-2005, it became apparent that a wider enquiry, as requested by the committee, was needed into the full extent of the stamp duty underpayment,” the Governor said.

 Governor Pearey added that PAC’s examination of the transactions and the careful work carried out by the Attorney General’s Chambers, led to the repayment of sums in the excess of $500,000.  “A more extensive examination of the problem may lead to the identification of further unpaid sums and to the elimination of loopholes that may have facilitated tax underpayment,” the Governor said.

The Governor expressed his gratitude to Sir Alleyne for making himself available for the enquiry.  “His reputation as a most learned judge and as an outstanding Chief Justice is well known.  We can, I am sure, all be confident that under his guidance, the commission will be conducted with the utmost rigour and to the highest standard,” the Governor added.

Sir Alleyne served as acting Chief Justice of the Eastern Caribbean Supreme Court from March 2005 until his retirement on April 28, 2008.

A report of the findings of the enquiry is expected to be submitted to the Governor on or before December 5, 2009.

The enquiry will identify the reasons for any such property not being properly assessed for stamp duty; examine the internal procedures within the Inland Revenue Department and make suggestions for improvement; advise on whether the Stamp Act needs to be amended to facilitate the effective assessment and collection of duty, and report its findings.