ROADTOWN Tortola BVI, September 12th, 2012   –  In strengthening the Territory’s regional relationships and financial services offerings, the Government of the Virgin Islands will amend its customs legislation to allow exemptions on tax and customs duties for the governments of the Member States for the Organisation of Eastern Caribbean States (OECS) and the Eastern Caribbean Supreme Court (ECSC).

The Virgin Islands Customs Management and Duties Act, amended in 2010, will be further amended to provide the exemptions.

Speaking at the House of Assembly Sitting on September 3, His Excellency the Governor Mr. Boyd McCleary, CMG, CVO announced the initiative, stating, “My Government is committed to the amendment to the Act to allow for the strengthening of relationship.”

In an interview with the Department of Information and Public Relations, Permanent Secretary in the Premier’s Office said, “As an OECS Associate Member, Government’s intention to exempt its fellow OECS associates from taxes and other duties tell of its commitment to improved regional relationships.”

She added, “Government recognises the importance of securing these relationships in order to speak in one voice and be represented on a global scale.”

“We have already seen how the ECSC’s presence in the Territory has invited new business to our shores. It is only natural that we also provide our regional counterparts and potential clients incentives so that they may utilise the services offered by the Court,” said the permanent secretary.

In a separate interview, Financial Secretary Mr. Neil Smith told the Department of Information and Public Relations, “The considerations should allow further cooperation in the areas of trade, especially our financial services product.”

The Territory is an associate member of the Organization of Eastern Caribbean States (OECS) since November 1984. The Eastern Caribbean Supreme Court was established in the Territory in October 2009 to serve the Eastern Caribbean jurisdictions including St. Vincent, Grenada, Dominica, St. Lucia, Antigua, Montserrat, St. Kitts, Anguilla and the BVI.

The Government of the Virgin Islands is committed to ensuring the Eastern Caribbean Supreme Court is at the cutting edge of commercial courts in offshore jurisdictions, thus ensuring that the Territory remains the domicile of choice for offshore commercial litigation.

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