$5 Million In Tax Refunds To Be Paid Next Week, Finance Commissioner Says
- Ernice Gilbert
- July 17, 2015
ST. THOMAS -- Department of Finance Commissioner Valdamier Collens revealed to the Committee on Rules and Judiciary on Friday that DOF will release $5 million in tax refunds next week. Collens was responding to a question posed by Sen. Kenneth Gittens, committee chairman, who was seeking a specific date in relation to when new tax refunds would be issued. Collens also stated that in addition to the $5 million to be circulated next week, "if all goes well with the Revenue Anticipation Notes (RAN) that were discussed a few days ago, that would greatly assist in providing more refunds during the months of August and September." RAN allows the Government of the Virgin Islands to take historic collections of property taxes and leverage it off in a loan note. This allows the GVI to collect the money immediately in one batch, and as payments for property taxes come in, payments will be made on the note, through a trustee, until the loan is paid off in full. See bill No. 31-0073 here. The meas...
