As the Andrew A. Fahie-led Virgin Islands Party (VIP) Government continues to look at ways to assist the people during this coronavirus pandemic, it is now extending to property owners a 100% reduction on property tax interests accrued for the 2020 tax year and prior years. Photo: VINO/File

The period of relief of Property Tax interests accrued for the 2020 tax year and prior years extends from February 3 to August 31, 2021. Photo: GIS

Recently, Premier and Minister of Finance, Hon Andrew A. Fahie (R1) announced that the Government of the Virgin Islands is extending the stamp duty waiver for the purchase of property by Belongers. Photo: VINO/File

The period of relief of interests extends from February 3 to August 31, 2021.

Property owners are urged to pay the outstanding principal (tax) forthwith, or agree to a payment plan with the Commissioner of Inland Revenue, Mrs Karen B. Smith-Aaron, to liquidate the outstanding principal within the relief period.

Property owners urged to take full advantage of amnesty

According to a press release from Government on Friday, February 19, 2021, it is the Government’s intention to implement an amnesty on the interest for Property Tax with the hope that property owners will take full advantage of this opportunity to have their property taxes paid and in compliance with The Property Tax Act (Cap 207).

It said Mrs Smith-Aaron is urging property owners to liquidate all outstanding Property Taxes.

Property tax is due and payable on September 1 and extends to November 30 annually without accruing interest.

Property owners are also reminded that Land Instruments will not be processed at the Inland Revenue Department unless the Property Tax relating to the parcel is paid to date.

The Inland Revenue Department said it is committed to assessing the taxes, licenses and fees due to the Government of the Virgin Islands; and applying the tax laws with fairness and integrity in an atmosphere of mutual respect, thus achieving compliance to maintain the economic and social well-being of the Virgin Islands.

Stamp duty waiver

Recently, the Government of the Virgin Islands extended the stamp duty waiver for the purchase of property by Belongers.

The stamp duty waiver for property purchase was first announced in May 2020, by Premier and Minister of Finance Andrew A. Fahie (R1), who had said government recognised the need to ease some of the financial burdens of residents who would be in a position to purchase property during this COVID-19 era in a manner that encourages the properties to remain in local hands.

The amendment to the schedule of the Stamp Duty Act was agreed on to allow for the waiver of stamp duty fees payable on the sale or transfer of property by a Belonger or non-Belonger to a Belonger, no matter the amount.