British Virgin Islands News
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Prime Minister David Cameron wrote to the Cayman Islands and nine other U.K. territories to request action to tackle company tax evasion as Britain prepares to host the Group of Eight summit next month.
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Consolidated Water Co., a seawater desalination plant operator and developer in the Caribbean, reported a 60 percent increase in first-quarter profit, helped by a settlement over water delivered to the British Virgin Island government.
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Group of Seven nations agreed on the need to toughen international rules to prevent rich individuals and corporations avoiding taxes, with greater efforts to prevent tax evasion that deprives governments of billions of dollars.
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The U.S. Internal Revenue Service has opened cases and begun investigations based on what it calls a “substantial amount” of information it has received on offshore companies and trusts.
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Chancellor of the Exchequer George Osborne said Britain’s tax authorities are closing in on more than 100 wealthy individuals and companies using complex structures for possible tax evasion.
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Alisher Usmanov, Russia’s richest person, moved control of most of his $20 billion fortune last year to a holding company based in the British Virgin Islands, a collection of more than 60 isles 5,600 miles away from Moscow.
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Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune.
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The U.K. signed agreements with territories including Anguilla, Bermuda and the British Virgin Islands in the latest effort to fight tax evasion as the government struggles to contain its borrowing.
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When Argentina canceled its double- taxation treaty with Spain last year, it had a lot to do with a billionaire named Paolo Rocca, the world’s 105th-richest man.
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The origins of the offshore finance industry dates back to Vienna, Austria, in 1815, when Switzerland’s neutrality was established at the Vienna Congress.
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