BILL NO 36-0039, IRB — Budget, Appropriations and Finance, 10 July 2025
GOVERNMENT OF THE VIRGIN ISLANDS OF THE UNITED STATES --------0-------- VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE 6115 Estate Smith Bay – Suite 225 4008 Estate Diamond Plot 7 B St. Thomas VI 00802 Christiansted VI 00820-4421 Phone: (340) 715-1040 Phone: (340) 773-1040 Fax: (340) 774-2672 Fax: (340) 773-1006 TESTIMONY OF DIRECTOR OF THE VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE BEFORE THE COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE GREETINGS HONORABLE SENATOR NOVELLE E. FRANCIS, JR., CHAIRPERSON OF THE COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE, MEMBERS OF THE COMMITTEE, ALL OTHER SENATORS PRESENT, AND THE LISTENING AND VIEWING AUDIENCE. I AM JOEL A. LEE, DIRECTOR OF THE VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE. THANK YOU FOR ALLOWING THE BUREAU TO PRESENT TESTIMONY ON BILL NO. 36-0039, AS AMENDED BY AMENDMENT NUMBER 36-304. …
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GOVERNMENT OF THE VIRGIN ISLANDS OF THE UNITED STATES --------0-------- VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE 6115 Estate Smith Bay – Suite 225 4008 Estate Diamond Plot 7 B St. Thomas VI 00802 Christiansted VI 00820-4421 Phone: (340) 715-1040 Phone: (340) 773-1040 Fax: (340) 774-2672 Fax: (340) 773-1006 TESTIMONY OF DIRECTOR OF THE VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE BEFORE THE COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE GREETINGS HONORABLE SENATOR NOVELLE E. FRANCIS, JR., CHAIRPERSON OF THE COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE, MEMBERS OF THE COMMITTEE, ALL OTHER SENATORS PRESENT, AND THE LISTENING AND VIEWING AUDIENCE. I AM JOEL A. LEE, DIRECTOR OF THE VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE. THANK YOU FOR ALLOWING THE BUREAU TO PRESENT TESTIMONY ON BILL NO. 36-0039, AS AMENDED BY AMENDMENT NUMBER 36-304. THIS BILL SEEKS TO INCREASE THE CONTAINER TAXES AS FOLLOWS: FOR CONTAINERS AND FLAT RACKS UP TO 39 FEET – THE RATE WILL INCREASE FROM $50.00 TO $100.00; BUREAU OF INTERNAL REVENUE TESTIMONY BILL 36-0039 CONTAINER TAX INCREASE FOR CONTAINERS AND FLAT RACKS THAT MEASURE 40 FEET – THE CONTAINER TAX WILL BE INCREASED FROM $100 TO $200.00; AND FOR FLAT RACK CONTAINERS THAT MEASURE 45 FEET IN LENGTH – THE NEW FEE WILL BE $205.00. THE BUREAU REVIEWED LAST THREE YEARS’ COLLECTIONS OF THE CONTAINER TAX AND THE AVERAGE CONTAINERS IMPORTED INTO THE TERRITORY WAS: UNDER 39 FEET - 3,153 40 FEET - 16,322 BASED ON THE AVERAGE IMPORTATION, WE CAN EXPECT THAT THE ANNUAL INCREASE IN REVENUES WILL BE APPROXIMATELY: UNDER 39 FEET - $ 157,650.00 40 FEET - $1,632,200.00 THERE IS NO PRIOR HISTORY ON THE NUMBER OF FLAT BEADS IMPORTED FOR 45 FEET, SINCE THAT CATEGORY DID NOT EXIST PREVIOUSLY. BUREAU OF INTERNAL REVENUE TESTIMONY BILL 36-0039 CONTAINER TAX INCREASE THIS WOULD PROVIDE THE BUREAU WITH SUFFICENT LEAD TIME, TO PREPARE THE RETURNS, UPDATE OUR TAX SYSTEM AND EDUCATE THE TAXPAYERS. WE WILL DO OUR BEST TO ENSURE THAT THIS CAN BE DONE WITHIN THE SIXTY DAY ENACTMENT PERIOD. THANK YOU FOR THE OPPORTUNITY TO PROVIDE THIS TESTIMONY.