VIRGIN ISLANDS BUREAU OF INTERNAL REVENUE
REVENUE ESTIMATING CONFERENCE March 14, 2023 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 (85%) 4 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 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 revenu …
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REVENUE ESTIMATING CONFERENCE March 14, 2023 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 (85%) 4 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 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 2020 - 2025) 9 GENERAL FUND COLLECTIONS (Fiscal Years 2020 - 2025) TAX CATEGORIES FY 2020 ACTUAL FY 2021 ACTUAL FY 2022 ACTUAL FY 2023 PROJECTION FY 2024 PROJECTION FY 2025 PROJECTION GROSS RECEIPTS 262,243,936.79 $ 241,770,071.47 $ 225,849,081.04 $ 234,916,691.00 $ 258,408,360.10 $ 284,249,196.11 $ EXCISE 2,040,255.62 $ 20,196,656.87 $ 36,727,226.41 $ 39,582,909.31 $ 43,541,200.24 $ 47,895,320.27 $ ENTERTAINMENT 6,863.75 $ - $ - $ - $ - $ - $ MISCELLANEOUS 56,845.50 $ 56,572.50 $ 50,680.28 $ 41,456.40 $ 45,602.04 $ 50,162.24 $ FRANCHISE 764,409.59 $ 726,955.31 $ 799,959.95 $ 789,770.76 $ 868,747.84 $ 955,622.62 $ ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 85% 2,799,972.46 $ 4,238,414.50 $ 5,120,957.18 $ 3,500,000.00 $ 3,850,000.00 $ 4,235,000.00 $ Total Other Taxes 267,912,283.71 $ 266,988,670.65 $ 268,547,904.86 $ 278,830,827.47 $ 306,713,910.22 $ 337,385,301.24 $ Total General Fund 789,991,980.10 $ 779,223,374.48 $ 839,163,716.00 $ 838,904,608.95 $ 919,955,613.19 $ 1,011,951,174.51 $ 10 $244 $262 $242 $226 $235 $258 $284 $444 $454 $440 $461 $490 $536 $589 $64 $68 $72 $109 $71 $78 $85 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Comparison by Major Tax Categories FY 2020 –FY 2025 (in Millions) Gross Receipts Indiv Income Corp Income 11 SPECIAL FUNDS COLLECTIONS (Fiscal Years 2020 - 2025) TAX CATEGORIES FY 2020 ACTUAL FY 2021 ACTUAL FY 2022 ACTUAL FY 2023 PROJECTION FY 2024 PROJECTION FY 2025 PROJECTION ARBITRATION DEPOSIT - $ - $ - $ - $ - $ LONESOME DOVE FUND 600,000.00 $ 950,000.00 $ 3,490,000.00 $ 2,500,000.00 $ 2,750,000.00 $ 3,025,000.00 $ FUEL 4,788,888.08 $ 5,225,413.45 $ 4,264,674.58 $ 3,920,205.60 $ 4,312,226.16 $ 4,743,448.78 $ HIGHWAY USER'S 5,052,071.31 $ 4,761,913.90 $ 4,109,887.02 $ 4,255,048.80 $ 4,680,553.68 $ 5,148,609.05 $ HOTEL 17,692,636.31 $ 35,021,281.27 $ 45,664,095.88 $ 40,000,000.00 $ 44,000,000.00 $ 48,400,000.00 $ RACINO - $ - $ - $ - $ - $ - $ GROSS CASINO 1,154,830.72 $ 2,171,663.03 $ 2,342,900.78 $ 2,147,882.40 $ 2,362,670.64 $ 2,598,937.70 $ ENVIRONMENTAL INFRASTRUCTURE IMPACT FEE 15% 494,161.54 $ 747,955.50 $ 903,698.33 $ 264,468.64 $ 290,915.51 $ 320,007.06 $ INVESTMENT ALTERNATIVE 113,626.89 $ 119,217.25 $ 141,651.75 $ 142,226.40 $ 156,449.04 $ 172,093.94 $ VEHICLE RENTAL 2,491,323.14 $ 2,772,613.28 $ 2,797,361.71 $ 2,900,000.00 $ 3,190,000.00 $ 3,509,000.00 $ Total Special Fund 32,387,537.99 $ 51,770,057.68 $ 63,714,270.05 $ 56,129,831.84 $ 61,742,815.03 $ 67,917,096.53 $ TOTAL 822,379,518.09 $ 830,993,432.16 $ 902,877,986.05 $ 895,034,440.79 $ 981,698,428.21 $ 1,079,868,271.03 $ 12 INCOME TAX REFUNDS PAID BY CALENDAR YEAR (2019-2023) $63,889,250.98 $49,078,464.45 $91,164,846.02 $99,820,874.00 Projected $55,000,000.00 $0.00 $20,000,000.00 $40,000,000.00 $60,000,000.00 $80,000,000.00 $100,000,000.00 $120,000,000.00 CY 2019 CY 2020 CY 2021 CY 2022 CY 2023 $3,003,000.00 Actual