In last week's sitting of the Legislative Council , the Public Accounts Committee laid a report on the table on the apparent undervaluing of property transferred within the territory for the purpose of the avoidance of stamp duty. The Leader of the Opposition, Ralph O'Neal, heads this committee.

In a statement earlier this week, Acting Chief Minister and Minister of Finance Ronnie Skelton said this report contains serious allegations regarding the payment of stamp duties on a number of properties throughout the Territory.

Minister Skelton said when this Government was elected, it made a pledge to subject the conduct of its business to public scrutiny and to never hesitate to expose all its doings to close oversight.

The Minister said they made this commitment because the people of the BVI deserve nothing less.

According to the Minister, the only request government asks of its citizens is that they respect and abide by the laws of the Territory, and in this regard, government pledges to lead by example.

Minister Skelton said this basic principle has guided government since taking office and for this government, justice should always be blind and fair.

The Finance Minister said it is with this principle in mind that Government has acted quickly to begin a full investigation into the issue of the stamp duty avoidance.

He said as Minister for Finance with ministerial responsibility for the Inland Revenue Department that is in charge of collecting stamp duty, he has asked the Attorney General to begin a full investigation into the allegations made in the Public Accounts Committee's Report, and if wrong-doing is uncovered, it will be dealt with.

The Minister pledged that this investigation will move forward swiftly and comprehensively and that the public will be kept informed.

In the committee's report, it listed under-valuation in at least four properties that were sold, to deliberately avoid paying the correct stamp duty, and in that case this would be defrauding the government of revenue.

The committee said where the properties were undervalued, both transferor and transferee appear to be guilty of collusion with intent to defraud the government.