82.1 F
Charlotte Amalie
Wednesday, August 10, 2022
HomeNewsArchivesAMNESTY SET ON BUSINESS LICENSES, TAXES

AMNESTY SET ON BUSINESS LICENSES, TAXES

Businesses that are behind in renewing their licenses can do so without fear of penalties from April 19 to July 19. They can pay back taxes too, again without penalties.
The amnesty, designed to generate revenues for the government, is part of the emergency bill recently signed into law by Gov. Charles W. Turnbull giving him power to borrow and shift funds to meet payroll. The bill also called for a tax-amnesty program.
Andrew Rutnik, acting commissioner of Licensing and Consumer Affairs, said the measure will give "local establishments that have been experiencing financial difficulties in renewing their licensing a
unique opportunity to come into compliance with the agency's laws."
The Bureau of Internal Revenue is also participating in the amnesty, Rutnik said.
"You can pay your taxes during the amnesty period without penalties or interest," he said. "What happens is you have to have a tax letter in order to renew a business license, and with the compounded interest and penalties on back taxes, business people — who've been hit hard with a multitude of things like hurricanes — can't pay the increased amounts so they don't renew their licenses."
The amnesty, he said, "will help them get back on track."
Rutnik estimated that 25 percent to 40 percent of businesses in the territory are in arrears on licenses.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Load more
Businesses that are behind in renewing their licenses can do so without fear of penalties from April 19 to July 19. They can pay back taxes too, again without penalties.
The amnesty, designed to generate revenues for the government, is part of the emergency bill recently signed into law by Gov. Charles W. Turnbull giving him power to borrow and shift funds to meet payroll. The bill also called for a tax-amnesty program.
Andrew Rutnik, acting commissioner of Licensing and Consumer Affairs, said the measure will give "local establishments that have been experiencing financial difficulties in renewing their licensing a
unique opportunity to come into compliance with the agency's laws."
The Bureau of Internal Revenue is also participating in the amnesty, Rutnik said.
"You can pay your taxes during the amnesty period without penalties or interest," he said. "What happens is you have to have a tax letter in order to renew a business license, and with the compounded interest and penalties on back taxes, business people -- who've been hit hard with a multitude of things like hurricanes -- can't pay the increased amounts so they don't renew their licenses."
The amnesty, he said, "will help them get back on track."
Rutnik estimated that 25 percent to 40 percent of businesses in the territory are in arrears on licenses.