Business

If You're Renting Out A Villa, Apartment, House, Bed & Breakfast Or Timeshare You Should Pay Taxes, Gov. Agencies Say

ST. CROIX -- The Commissioners of Department of Licensing and Consumer Affairs and the Department of Tourism along with the Director of the Bureau of Internal Revenue recently met to discuss the regulation of vacation room rentals in the Virgin Islands, according to a press release DLCA issued on Wednesday. The industry, which is quickly growing in the V.I., is estimated at nearly $25 billion in the United States alone. Add in Europe, and that figure grows into the $85 billion dollar range. The industry includes villas, timeshares, condominiums, and bed and breakfast as well as hotel room rentals. While there is currently no legislation in the Virgin Islands Code that regulates the industry in a holistic manner, the agency heads see the need to apprise stakeholders and interested parties in the industry of their obligations under existing Virgin Islands law. Department of Licensing and Consumer Affairs Commissioner Devin Carrington stated that individuals and entities involved in vacat...