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An important factor in Virgin Islands taxation is whether, on the last day of the tax year, you are a bona fide resident of the Virgin Islands. If you are a temporary worker on the last day of the tax year, you may or may not be a bona fide resident of the Virgin Islands. If you are a bona fide resident of the Virgin Islands on the last day of the tax year, you must file your tax return on Form with the Government of the Virgin Islands and pay the entire tax due to the Virgin Islands.
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Its purpose was and is to provide compensation to workers who are unemployed through no fault of their own until, normally, they are able to go back to work. The amounts payable as benefits are intended to cover non-deferral expenses during unemployment, such as housing, food, clothing, and necessary transportation. The benefits paid help maintain purchasing power which many consider the key to business prosperity.
Property tax is a combination of land and house tax. Land means any plantation, estate or other land whether cultivated or uncultivated. Land tax must be paid on every acre or part of an acre of land you own in the BVI.
This is certainly correct, but many people do not know that the USVI is also home to some of the most lucrative tax incentives available to American citizens and permanent residents. The United States Department of the Interior, which administers territories such as the USVI, touts these incentive programs as providing for economic stability of the territory. Because of the complex rules surrounding these incentives, it is inadvisable to attempt to take advantage of these programs without the assistance of an attorney knowledgeable in the federal and local laws that create the incentives.