The V.I. Internal Revenue Bureau is reminding local manufacturers that excise tax returns must be filed by March 2.
It’s particularly important that the returns are received on time, as government officials must appear at a March 9 hearing in U.S. District Court and show proof that the tax on local manufacturers is being collected.
“The excise tax rates for goods manufactured in the Virgin Islands are provided in Title 33, section 42(A) of the Virgin Islands Code, and are the same rates for goods imported into the Virgin Islands,” according to a news release from Internal Revenue Bureau Director Joel Lee.
The territory collects approximately $40 million in excise taxes each year, and the injunction has cost the territory nearly $90 million to date.
Returns are due 30 days following the month concerned. Returns for January, for example, are due by March 2.
Manufacturing Cost Worksheets are available on the bureau’s website, at bir.vi.gov, and at all of the bureau offices. All excise tax returns, including returns for locally manufactured goods must be filed using the Excise Web Portal at: https://excise.bir.vi.gov.
Taxpayers who have questions can call Glenford Hodge at 340-715-1040, ext. 3201.