Virgin Islanders are subject to the same income tax regulations as other U.S. citizens, though the monies collected stay in the Virgin Islands. The federal government matches some taxes, like the rum excise tax. Businesses can take advantage of some great tax breaks offered by the Economic Development Agency.
The Territory seeks to expand its economic base through the further development of light to medium industry and is administered by the “Virgin Islands Economic Development Commission” (EDC). The EDC Program provides for substantial economic benefits to qualified businesses and to those principals who establish residency in the U.S.V.I. Incentives and benefits for new businesses include a maximum 90% exemption from local corporate income tax payments, a maximum 90% exemption from income taxes paid by resident stockholders on dividends received from the company, a maximum reduction in the U.S. Customs rate from 6% to 1%, a maximum 100% exemption on excise taxes for building materials, machinery, equipment, and supplies used in construction, alteration, reconstruction or extension of the physical plant or facilities and a maximum 100% exemption from property taxes and the territory’s 4% gross receipts tax.
For further information on current St. Croix Economic Development Corporation please visit the Economic Development Agency website: www.usvieda.org.
Some really superb content on this website , thanks for contribution.
Sometimes seeing another person’s point of light enlighten my very own vision. I’m not going to going to say what everybody else has already stated, however i must say, I cant believe how a lot of this I just wasnt aware of .Thanks for publishing more info to this matter for us.
Thanks for spending some time to go about this method, I believe frankly to sort it out and additionally enjoy browsing a little more about this amazing area of interest. As long as achievable, as soon as you get to skill, ever imagination producing your current blogging site by using deeper important information? This is very a good choice for my family.
Thanks for helping out, fantastic information.
I needed to compose you the very little observation to say thank you as before for all the amazing basics you’ve shown here. This is incredibly generous with you to present easily what exactly numerous people would have distributed for an ebook to earn some cash for their own end, chiefly given that you could possibly have tried it in case you desired. Those thoughts as well acted like the fantastic way to realize that the rest have the same desire like my personal own to know the truth many more with reference to this condition. I’m sure there are several more pleasurable periods ahead for individuals who view your site.
Damn, I wish I could think of seomthing smart like that!