BIR OFFERS 2023 PENALTY WAIVER PROGRAM

Joel A. Lee, CPA, Director of the Virgin Islands Bureau of Internal Revenue announces the 2023 penalty waiver program. This program applies to both corporate and individual income taxes and gross receipts taxes. The program is a short-term incentive program, available to those taxpayers who are willing to meet the requirements of the program. The program begins on Thursday, November 2, 2023 and ends on Friday, December 29, 2023.

Taxpayers willing to take advantage of the penalty waiver relief must be in full compliance with the filing of all outstanding gross receipts returns, up to September 2023; and all income tax returns up to tax year 2022. All tax and interest must be paid on any outstanding balance, in order to obtain the penalty waiver.

The penalty waiver program will cover all delinquent periods. For gross receipts, this covers up to September 2023; and for corporate and individual income taxes, it covers up to the 2022 tax year.

Taxpayers are urged to use this opportunity to voluntarily comply with the tax laws. Taxpayers with questions about this program can call (340) 773-1040, ext. 4854 or 4250.