The V.I. Bureau of Internal Revenue has issued a stern warning to active business license holders: those with outstanding tax balances and without good standing payment plans are facing immediate license revocation.
This enforcement measure is part of the Bureau's efforts to ensure tax compliance among businesses in the territory.
In a parallel move, the Bureau has extended its penalty abatement program through January 31, 2024. This extension provides an opportunity for businesses to settle their outstanding tax obligations, including gross receipts returns up to November 2023 and income tax returns up to the tax year 2022, without incurring additional penalties.
To avoid license revocation and qualify for the penalty waiver, businesses must be in full compliance with filing all required returns and must pay all tax and interest due on any outstanding balance. The penalty waiver program covers all delinquent periods, offering substantial relief to businesses that meet these conditions.
The Bureau is urging taxpayers to use this extension as an opportunity to voluntarily comply with the tax laws.
Businesses and individuals with questions about their tax compliance status or the penalty abatement program can reach out to the Bureau for guidance and assistance at (340) 773-1040, ext. 2261 or 4250.
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