British Virgin Islands Mutual Legal Assistance (Tax Matters) Amendment Act 2014 Passed 9/16/14

Originally the 2012 British Virgin Islands mutual legal assistance (Tax matters) amendment Act required every company shall maintain at the office of its registered agent records and underlying documentation; sufficient to explain the company’s transactions and financial position as determined by the directors, for a period of five years from the date of completion of transaction relating to the records and documentation. termination of business relationship by the company to which the records and documents relates. Alternatively, if the records are kept elsewhere, the company shall inform the registered agent in writing about the physical address where the records are kept this may be an overseas address. If there is any change in location, the registered agent must be notified within 14 days

The new amendment now requires:  The records and underlying documentation shall include those relating to: (i)                  all sum of money received and expended. (ii)                all sales and purchase of goods. (iii)               the assets and liabilities of the company. The penalties for non compliances range from a fine from US$5,000 to US$100,000 or to imprisonment from 2 years to 5 years or both. Have A Tax Problem? Contact the Tax Lawyers at  Marini & Associates, P.A. for a FREE Tax Consultation at: www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243). Source: