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Is it true that personal income tax in USVI may range as low eight percent on income?
Posted : March 5, 2007 8:08 pm
Income tax is exactly the same as the IRS in the States. In fact, the only difference is that the taxes on money earned here stays in the Virgin Islands. We use the same Federal forms.
Posted : March 5, 2007 8:12 pm
You may have heard about some people who qualify for discounts on their taxes due to taking part in the "EDC" program. This is a tax loophole incentive program for people to open businesses on the island that then hire lots of local employees. There are many requirements to qualify and it's not cheap to set up. However, for certain kinds of businesses, it can save them an enormous amount in assorted taxes.
Posted : March 5, 2007 8:58 pm