Urgent Notice: USVI Businesses Risk License Revocation Over Tax Delinquencies; Relief Offered Through Extended Abatement Program

In a decisive move to bolster tax compliance across the US Virgin Islands, the V.I. Bureau of Internal Revenue has alerted businesses holding active licenses of a critical update: immediate license revocation awaits those who have not adhered to their tax obligations and lack a structured payment plan.

This initiative is a strategic component of the Bureau’s comprehensive plan to enhance tax compliance within the territory.

Simultaneously, demonstrating a commitment to assist local businesses, the Bureau has generously extended its penalty abatement program until January 31, 2024. This extension is a boon for businesses aiming to clear their pending tax liabilities, encompassing gross receipts returns through November 2023 and income tax filings up to the 2022 tax year, without the burden of extra penalties.

For businesses to steer clear of license revocation and to be eligible for this penalty waiver, it is imperative to maintain full compliance by submitting all necessary returns and settling any outstanding tax and interest dues. The waiver program, covering all overdue periods, represents a significant opportunity for businesses meeting these criteria to alleviate their financial burdens.

The Bureau is actively encouraging taxpayers to capitalize on this extension as a prime chance to align with the territory’s tax regulations voluntarily.

For further inquiries or assistance regarding tax compliance status or details of the penalty abatement program, businesses and individuals are encouraged to contact the Bureau directly at (340) 773-1040, ext. 2261 or 4250. This is a proactive step towards fostering a robust economic environment in the USVI, aligning with Governor Bryan’s vision of economic resilience and integrity.