REVENUE ESTIMATING CONFERENCE
## Slide 1 REVENUE ESTIMATING CONFERENCE April 30, 2024 JOEL LEE, CPA, CGMA Director 1 VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE ## Slide 2 MISSION 2 To administer and enforce the tax laws of the Virgin Islands. ## Slide 3 STRATEGIC OBJECTIVES To promote voluntary compliance with the internal revenue tax laws To collect the tax revenues owed to the Government of the Virgin Islands. 3 ## Slide 4 GENERAL FUND TAXES INCOME TAX INDIVIDUAL CORPORATE GROSS RECEIPTS TAX EXCISE TAX ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 4 ## Slide 5 GENERAL FUND TAXES CONTAINER TAX $50/$100 dollars per container based on size of container TIRE TAX $1 (under 18 inches)/$2(over $18 inches) on every tire purchased ENTERTAINMENT TAX 5% of gross receipts FRANCHISE TAX 5% of franchise gross subscriber receipts 5 ## Slide 6 SPECIAL FUNDS 6 HOTEL OCCUPANCY TAX 12.5% of hotel room rate HIGHWAY USER’S TAX 16 cents per pound FUEL TAX 14 cents per gallon of gasoline/diesel [notes] Hotel Occupancy Tax – 10% of hotel room rate Highway User’s Tax – 16 cents per pound based on weight of vehicle Fuel Tax – 14 cents per gall …
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## Slide 1 REVENUE ESTIMATING CONFERENCE April 30, 2024 JOEL LEE, CPA, CGMA Director 1 VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE ## Slide 2 MISSION 2 To administer and enforce the tax laws of the Virgin Islands. ## Slide 3 STRATEGIC OBJECTIVES To promote voluntary compliance with the internal revenue tax laws To collect the tax revenues owed to the Government of the Virgin Islands. 3 ## Slide 4 GENERAL FUND TAXES INCOME TAX INDIVIDUAL CORPORATE GROSS RECEIPTS TAX EXCISE TAX ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 4 ## Slide 5 GENERAL FUND TAXES CONTAINER TAX $50/$100 dollars per container based on size of container TIRE TAX $1 (under 18 inches)/$2(over $18 inches) on every tire purchased ENTERTAINMENT TAX 5% of gross receipts FRANCHISE TAX 5% of franchise gross subscriber receipts 5 ## Slide 6 SPECIAL FUNDS 6 HOTEL OCCUPANCY TAX 12.5% of hotel room rate HIGHWAY USER’S TAX 16 cents per pound FUEL TAX 14 cents per gallon of gasoline/diesel [notes] Hotel Occupancy Tax – 10% of hotel room rate Highway User’s Tax – 16 cents per pound based on weight of vehicle Fuel Tax – 14 cents per gallon of gasoline/diesel Entertainment Tax – 5% of total gross receipts for shows & performances Tire Tax - $1 on every tire purchased Vehicle Rental surcharge - $3.75 per day of car rental Container Tax - $50/$100 dollars per container entering the territory Casino Tax – 8% on gross revenue from Casino ## Slide 7 SPECIAL FUNDS 7 VEHICLE RENTAL SURCHARGE $3.75 per day of car rental CASINO TAX 8% - 12% on gross revenue of Casino RACINO TAX Annual rate of 19.25% of gross revenues [notes] Hotel Occupancy Tax – 10% of hotel room rate Highway User’s Tax – 16 cents per pound based on weight of vehicle Fuel Tax – 14 cents per gallon of gasoline/diesel Entertainment Tax – 5% of total gross receipts for shows & performances Tire Tax - $1 on every tire purchased Vehicle Rental surcharge - $3.75 per day of car rental Container Tax - $50/$100 dollars per container entering the territory Casino Tax – 8% on gross revenue from Casino ## Slide 8 8 GENERAL FUND COLLECTIONS (Fiscal Years 2020 - 2025) ## Slide 9 9 GENERAL FUND COLLECTIONS (Fiscal Years 2020 - 2025) ## Slide 10 10 GENERAL FUND COLLECTIONS (Fiscal Years 2020 - 2025) ## Slide 11 11 ## Slide 12 12 SPECIAL FUNDS COLLECTIONS (Fiscal Years 2020 - 2025) ## Slide 13 13 INCOME TAX REFUNDS PAID BY CALENDAR YEAR (2019-2024)