 |
 |
|
 |
Economic Benefits
 |
 |
The U.S. Virgin Islands is committed to attracting new businesses to the Territory and offers unbeatable tax incentives and economic development packages to companies that locate in the Islands.
Tax Incentives include:
- 90% Exemption on Local Income Taxes (which are paid in lieu of Federal Income Taxes)
- 90% Exemption on Dividends
- 100% Exemption on Gross Receipts Taxes
- 100% Exemption Property Taxes
- 100% Exemption on Excise Taxes
- 1% Custom Duties
These tax incentives fall under the jurisdiction of the U.S. Department of the Interior, and are authorized jointly by the United States tax laws (IRC 934 & IRC 937) and the U.S. Virgin Islands tax laws. It is a legitimate tax program designed to attract business to the U.S. Virgin Islands to order to help the Territory diversify its economy.
The USVI operates under a "mirror tax" system with the United States, which means that the tax forms and calculations follow standard U.S. tax procedures. The key difference is that taxes are paid to the Territory's Bureau of Internal Revenue (BIR) instead of to the Internal Revenue Service (IRS). The U.S. Virgin Islands is still a U.S. jurisdiction subject to U.S. laws; including corporate, intellectual property and investment laws.
The U.S. Virgin Islands Economic Development Commission (EDC) also offers customized economic development packages to businesses that locate in the Territory. These packages vary but often include bond financing for facility construction and infrastructure improvements and customized tax exemption packages that build on the tax incentives described above.
Businesses that locate at St. Croix Renaissance Park also benefit from:
- A business-friendly government;
- An educated labor force;
- U.S. currency, courts and flag protection;
- Easy air access to and from the United States, South America, Europe and other Caribbean Islands;
- World-class telecommunications;
- Made in USA labeling;
- Duty free, quota free exporting of USVI made goods into the United States;
- Immigration advantages; and
- Shipping advantages, including exemption from the Jones Act.
For more information, see: http://www.usvieda.com/business_tax.php
|
|
|
|
