Connect with us

Business

Senate Debates Groundbreaking Public-Private Partnership Bill

Published

on

Two confident business man shaking hands during a meeting in the office, success, dealing, greeting and partner

In a pivotal move to enhance the U.S. Virgin Islands’ infrastructure, the Senate is currently deliberating a groundbreaking bill that aims to regulate public-private partnerships. This initiative, sparked by the commendable efforts of the V.I. Port Authority in redeveloping the territory’s airports, is encapsulated in Bill 35-0058, proposed by Senator Marise James. Dubbed the Public-Private Partnership Act, this bill could revolutionize the way government entities collaborate with the private sector.

Senator James, while introducing the bill in the Senate Committee on Government Operations, Veterans Affairs, and Consumer Protection, highlighted the need for a robust legal and regulatory framework for such partnerships. She emphasized that the bill, though inspired by the Port Authority’s initiatives, is designed to benefit all governmental bodies in the territory.

Public-private partnerships, as Senator James pointed out, offer an innovative way to leverage private sector expertise and resources for public benefit. The bill mandates rigorous due diligence by public officials on projects that could significantly benefit the public, ensuring that these partnerships are both effective and protective of the Virgin Islands’ interests.

Stephanie Berry, Chief Operating Officer of the V.I. Housing Finance Authority, supported the bill while suggesting the inclusion of emergency housing projects. However, Department of Public Works Commissioner Derek Gabriel urged for more discussions to refine the bill, ensuring it does not impede future public-private agreements.

Carlton Dowe, Executive Director of VIPA, praised public-private partnerships as a progressive approach to developing public infrastructure and facilities. He stressed the need for the Virgin Islands to adapt quickly to global trends in infrastructure development, cautioning against applying the new legislation retroactively to ongoing VIPA projects.

Wayne Biggs, CEO of the Economic Development Authority, also backed the bill, advocating for the inclusion of housing and alternative energy projects. He highlighted the territory’s housing shortage and the potential of alternative energy projects in reducing land costs.

The Department of Education, represented by Deputy Commissioner Kimo Smith, expressed support, citing the potential benefits of such partnerships in enhancing educational infrastructure and programs.

Magdalene Morancie, Chief Counsel of the Department of Property and Procurement, noted the appeal of public-private partnerships, especially for projects with clear revenue streams. Further discussion on financing structures for projects without traditional revenue sources was recommended.

Overall, the bill received a positive reception from lawmakers, with Senators Samuel Carrion and Kenneth Gittens acknowledging the potential benefits while cautioning against excessive privatization. Senator James concluded by emphasizing the bill’s role in providing a reliable framework for investors. The bill now moves to the Committee on Rules and Judiciary for further examination.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Touched by Tiva: Sativa Williams’ Journey from Hobbyist to Beauty Mogul on St. Croix

Published

on

A transformational tale of ambition and artistry is unfolding on St. Croix, where Sativa Williams, the creative force behind Touched by Tiva Makeup Studio, has turned her fervent interest in makeup into a thriving enterprise. This business not only offers a wide array of beauty enhancements but also stands as a beacon for those aspiring to convert their passions into successful careers.

Sativa Williams embarked on her beautification odyssey with a simple curiosity about makeup, which quickly blossomed into a creative outlet as she adorned friends and family, receiving critical yet constructive feedback from her closest kin. Her talent became evident during her tenure at the University of the Virgin Islands on St. Thomas, where her reputation as a skilled makeup artist grew, leading to numerous requests for her services at various events.

Returning to her roots on St. Croix, the demand for Sativa’s expertise continued unabated. After experimenting with different vocations, she acknowledged her unwavering passion for the beauty sector. With the backing of her husband, Nasheem Williams, she initially launched a boutique offering lashes and hair bundles, a venture that, while eventually taking a back seat, laid the groundwork for the inception of Touched by Tiva Makeup Studio.

The studio, aptly named to reflect Sativa’s commitment to providing personalized and tender care, quickly became renowned for making clients feel so at ease that they would often doze off during their beauty sessions. Sativa, now a licensed tattoo artist, has broadened her services to include “powder brows,” a semi-permanent technique that delicately refines and accentuates eyebrows, offering lasting beauty for up to three years.

Sativa Williams’ journey is a narrative of resilience, dedication, and the relentless pursuit of one’s aspirations. She passionately encourages fellow entrepreneurs to embrace their dreams, underscoring that the road to success is paved with challenges that ultimately forge strength and resilience. “The financial rewards you seek will follow once you commit to your path,” she asserts. “Every trial encountered is merely a step toward fortifying your resolve.”

Touched by Tiva Makeup Studio invites everyone to discover the transformative experiences it offers, with detailed information on services, operating hours, and special promotions available through its website and social media platforms (Facebook, Instagram). Sativa’s evolution from a collegiate enthusiast to a celebrated entrepreneur exemplifies the power of perseverance and the realization of dreams through hard work and unwavering commitment.

Continue Reading

Business

Governor Bryan Stands Firm Against EU’s Unfair Tax Blacklist

Published

on

At a recent pivotal meeting, the European Union’s decision to keep the U.S. Virgin Islands on its list of non-cooperative tax jurisdictions was met with immediate and stern opposition from the Government House. Governor Albert Bryan Jr., speaking at the Department of the Interior’s Interagency Group on Insular Areas annual meeting, voiced his strong disapproval of the EU’s stance, emphasizing the inappropriateness of treating the USVI as though it were a nation distinct from the United States. “Being singled out and treated differently from other U.S. territories in matters of tax is something we cannot accept,” he asserted.

Governor Bryan, who has been at the forefront of efforts to challenge the USVI’s placement on this unfavorable list since 2019, announced plans for an upcoming dialogue with officials from the State Department in Washington to address this critical issue among others impacting the territory.

The Bryan administration is calling on the European Union to reevaluate its position and acknowledge the U.S. Virgin Islands’ dedication to international standards of cooperation and transparency. Describing the continued blacklisting as unjust, the administration is committed to correcting this situation and securing equitable treatment for the residents of the USVI.

The European Union justifies its decision by pointing to the USVI’s lack of participation in the automatic exchange of financial information and its failure to sign and ratify the amended OECD Multilateral Convention on Mutual Administrative Assistance. The EU also labels several of the territory’s economic initiatives, including the Economic Development program and the International Banking Center Regulatory Act, as fostering a preferential tax regime, which has led to the territory’s maintained status on the blacklist.

The creation of the EU’s tax-haven blacklist, spurred by the revelations of the Panama Papers, has faced widespread criticism for its perceived bias. Marla Dukharan, a prominent Caribbean economist, has condemned the EU’s approach as a clear display of racism and bullying, noting that a significant number of tax havens exist within EU member states themselves.

This confrontation underscores the ongoing struggle for fairness and recognition on the global stage, with Governor Bryan leading the charge to ensure the USVI is treated justly and equitably in international affairs.

Continue Reading

Business

USVI Continues to Navigate EU Tax Blacklist, Highlighting Commitment to Fair Tax Practices

Published

on

The landscape of international tax cooperation is ever-evolving, with recent adjustments to the European Union’s list of non-cooperative jurisdictions for tax purposes. This list, aimed at promoting fair tax competition and governance, has been updated, resulting in the removal of several jurisdictions, including the Bahamas, Belize, Seychelles, and the Turks and Caicos Islands. However, the U.S. Virgin Islands, alongside Trinidad and Tobago and Antigua and Barbuda, remain on this list, spotlighting ongoing discussions between these territories and the EU.

The European Union has raised concerns regarding the U.S. Virgin Islands’ practices in automatic exchange of financial information, as well as its participation in the OECD Multilateral Convention on Mutual Administrative Assistance, which has been amended to enhance global tax cooperation. Additionally, certain aspects of the U.S. Virgin Islands’ Economic Development Program, the International Banking Center Regulatory Act, and the list of exempt companies have been identified by the EU as potentially fostering a preferential tax regime.

Despite these challenges, the U.S. Virgin Islands has consistently expressed its commitment to adhering to international tax standards and has refuted the classification as a non-cooperative jurisdiction. The government of the U.S. Virgin Islands has previously addressed the EU’s concerns, emphasizing the legitimacy and transparency of its economic development initiatives and denying any connection between these programs and tax avoidance strategies that could affect EU member states.

The creation of the EU blacklist was catalyzed by the Panama Papers’ revelations, showcasing the use of offshore entities for tax reduction. The list has since been a subject of debate, with critics, including prominent Caribbean economist Marla Dukharan, arguing that it reflects discriminatory practices. Dukharan has highlighted the irony in the EU’s stance, noting that a significant portion of the world’s tax havens are located within EU member states themselves, calling into question the fairness and impartiality of the blacklist.

As the U.S. Virgin Islands remains on the EU’s list, the territory’s government is actively engaging in dialogue and taking steps to address the EU’s concerns. The ultimate goal is to ensure that the U.S. Virgin Islands is recognized for its commitment to fair and transparent tax practices, aligning with global standards and contributing to the fight against tax evasion and avoidance.

Continue Reading

Trending