BVI to spend an additional $150,000 on economic substance legislation

Pedro Gonçalves
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BVI to spend an additional $150,000 on economic substance legislation

The British Virgin Islands goverment has approved an extra $150,000 to improve its economic subtance legislation after paying a UK lawyer $400,000 in 2018 to draft the rules. The decision was made during a special Cabinet meeting on December 16 last year. However, the report was only made public now, local news outlet BVINews reports. It said: "Cabinet Decided to approve an additional $150,000 to cover additional work on Economic Substance legislation and related matters and approved an additional...