The Virgin Islands Bureau of Internal Revenue has implemented a 90 day gross receipts tax amnesty program. The waiver of penalties and interest for failure to timely file territorial gross receipts taxes was granted as a result of Act No. 7233 which was signed into law by Governor John P. deJongh, Jr. on October 26, 2010.
Daniel J. Gravel, Chair of BoltNagi's Corporate, Tax and Estate Planning Practice Group said that "taxpayers who file and pay their delinquent gross receipts taxes before the January 25, 2011 deadline will be exempt from the payment of penalties and interest for the late filing." Gravel further noted, "Unlike previous amnesty programs that were enacted, all delinquent gross receipts taxes are eligible for the current amnesty program. It is an outstanding value to Virgin Islands taxpayers."
For more information on the amnesty program, taxpayers should contact the Delinquent Accounts and Returns Branch on St. Thomas at (340) 715-1040, Extension 2232 or contact Attorney Daniel J. Gravel, Chair of BoltNagi's Corporate, Tax and Estate Planning Practice Group at (340) 774-2944, Extension 213.