VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE
REVENUE ESTIMATING CONFERENCE August 10, 2021 JOEL LEE, CPA, CGMA Director 1 VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE MISSION 2 To administer and enforce the tax laws of the Virgin Islands. 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 GENERAL FUND TAXES • INCOME TAX • INDIVIDUAL • CORPORATE • GROSS RECEIPTS TAX • EXCISE TAX • ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 4 GENERAL FUND TAXES • CONTAINER TAX • $50/$100 dollars per container based on size of container • TIRE TAX • $1/$2 on every tire purchased • ENTERTAINMENT TAX • 5% of gross receipts • FRANCHISE TAX • 5% of franchise gross subscriber receipts 5 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 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 8 GENERAL FUND COLLECTIONS (Fiscal Ye …
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REVENUE ESTIMATING CONFERENCE August 10, 2021 JOEL LEE, CPA, CGMA Director 1 VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE MISSION 2 To administer and enforce the tax laws of the Virgin Islands. 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 GENERAL FUND TAXES • INCOME TAX • INDIVIDUAL • CORPORATE • GROSS RECEIPTS TAX • EXCISE TAX • ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 4 GENERAL FUND TAXES • CONTAINER TAX • $50/$100 dollars per container based on size of container • TIRE TAX • $1/$2 on every tire purchased • ENTERTAINMENT TAX • 5% of gross receipts • FRANCHISE TAX • 5% of franchise gross subscriber receipts 5 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 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 8 GENERAL FUND COLLECTIONS (Fiscal Years 2018 - 2021) TAX CATEGORIES Y FY 2018 ACTUAL FY 2019 ACTUAL FY 2020 ACTUAL FY 2021 ACTUAL/PROJECTION INCOME Individual - Income 50,936,510.75 $ 68,608,222.81 $ 80,092,695.47 $ 118,855,423.00 $ Estimated Tax 54,398,373.17 $ 72,208,127.22 $ 67,996,354.80 $ 54,807,153.00 $ Withholding Tax 208,671,440.45 $ 229,363,837.24 $ 230,773,727.05 $ 212,165,787.00 $ Extension 41,328,711.13 $ 54,088,290.75 $ 69,947,289.81 $ 54,400,380.00 $ Federal Cover Over 7,641,447.52 $ 19,736,027.28 $ 5,157,381.00 $ 7,003,157.29 $ USVI Cover Over Sub-total Individual Income 362,976,483.02 $ 444,004,505.30 $ 453,967,448.13 $ 447,231,900.29 $ CORPORATE Corporate - Income 10,469,925.54 $ 13,583,413.25 $ 18,495,610.31 $ 22,868,487.00 $ Estimated 30,711,668.66 $ 34,500,136.08 $ 21,705,451.38 $ 19,673,710.00 $ Extension 19,569,825.33 $ 15,758,603.58 $ 27,911,186.57 $ 25,914,064.00 $ Sub-Total Corporate Income 60,751,419.53 $ 63,842,152.91 $ 68,112,248.26 $ 68,456,261.00 $ Total Income 423,727,902.55 $ 507,846,658.21 $ 522,079,696.39 $ 515,688,161.29 $ 9 GENERAL FUND COLLECTIONS (Fiscal Years 2018 - 2021) TAX CATEGORIES Y FY 2018 ACTUAL FY 2019 ACTUAL FY 2020 ACTUAL FY 2021 ACTUAL/PROJECTION GROSS RECEIPTS 177,852,449.22 $ 243,629,626.76 $ 262,243,936.79 $ 234,625,514.76 $ EXCISE 39,378,518.53 $ 10,879,551.82 $ 2,040,255.62 $ 20,528,102.00 $ ENTERTAINMENT 1,825.16 $ - $ 6,863.75 $ - $ MISCELLANEOUS 69,874.50 $ 91,584.74 $ 56,845.50 $ 58,073.00 $ FRANCHISE 297,207.33 $ 674,217.34 $ 764,409.59 $ 548,993.82 $ ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 85% 701,203.47 $ 2,805,250.35 $ 2,799,972.46 $ 3,889,418.95 $ Total Other Taxes 218,301,078.21 $ 258,080,231.01 $ 267,912,283.71 $ 259,650,102.53 $ Total General Fund 642,028,980.76 $ 765,926,889.22 $ 789,991,980.10 $ 768,335,106.53 $ 10 $178 $244 $262 $235 $363 $444 $454 $440 $61 $64 $68 $68 FY 2018 FY 2019 FY 2020 FY 2021 Comparison by Major Tax Categories FY 2018 –FY 2021 (in Millions) Gross Receipts Indiv Income Corp Income 11 SPECIAL FUNDS COLLECTIONS (Fiscal Years 2018 - 2021) TAX CATEGORIES Y FY 2018 ACTUAL FY 2019 ACTUAL FY 2020 ACTUAL FY 2021 ACTUAL/PROJECTION ARBITRATION DEPOSIT - $ - $ LONESOME DOVE FUND 575,000.00 $ 160,657.32 $ 600,000.00 $ 950,000.00 $ FUEL 5,041,653.76 $ 4,820,363.37 $ 4,788,888.08 $ 5,082,987.00 $ HIGHWAY USER'S 5,560,345.35 $ 6,903,065.70 $ 5,052,071.31 $ 4,726,155.00 $ HOTEL 14,606,406.25 $ 20,608,750.15 $ 17,692,636.31 $ 31,354,916.00 $ RACINO - $ 4,796.25 $ - $ GROSS CASINO 1,184,724.69 $ 1,978,110.49 $ 1,154,830.72 $ 1,868,508.00 $ ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 15% 123,741.79 $ 810,529.69 $ 494,161.54 $ 686,416.00 $ INVESTMENT ALTERNATIVE 26,596.64 $ 124,625.05 $ 113,626.89 $ 119,217.25 $ VEHICLE RENTAL 2,471,486.21 $ 3,132,646.70 $ 2,491,323.14 $ 2,630,591.90 $ Total Special Fund 29,589,954.69 $ 38,543,544.72 $ 32,387,537.99 $ 47,418,791.15 $ 12 ECONOMIC IMPACT PAYMENTS 153,881 PAYMENTS $223 MILLION CARES ACT 1 • 54,903 UNITS • $82,163,189.00 CARES ACT 2 13 ECONOMIC IMPACT PAYMENTS ARPA ACT • 54,994 UNITS • $44,648,565.00 • 43,984 UNITS • $96,135,045.00 REFUNDS FY 2021 21,547 UNITS $56,360,994.00 14