Monday, June 10, 2013

BVI Encourages Homeowners To Use Tax Amnesty

www.bethelfinance.com

Government of the British Virgin Islands is reminding property owners that a period of amnesty between June 1 and December 31, 2013 has been instituted to allow property tax payments to be made without penalty to the Inland Revenue Department.
Premier Orlando Smith said "The period of amnesty will allow taxpayers to become current with their property tax arrears, without being charged for the outstanding penalties."
Virgin Islanders pay USD10 per year on the first acre of land or part-acre, and USD3 on each additional acre. Expatriates pay TheUSD50 per year for any land less than half an acre, USD150 per year for any land above half an acre, and USD50 on each additional acre. House tax is charged annually on all privately-owned buildings at the rate of 1.5 percent of assessed value. There is also a 12 percent stamp duty on real estate transactions.

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