Property owners in the Virgin Islands will now get a short period of relief on interest accrued on Property tax for 2018 and previous years under the condition that they pay their outstanding principal tax plus a percentage of the accrued interest.
This is according to the Post Cabinet Meeting statements of the Cabinet Meeting held October 2, 2019, and the initiative will work in tandem with the Commissioner of Inland Revenue to make the sums payable as easy as possible over the period.
According to the post-meeting statement, Cabinet, "Decided on a period of relief of seventy-five per cent (75%) of interests accrued for 2018 and prior years on property tax commencing 14th October 2019 to 31st January 2020," the announcement said.
Pay Outstanding Tax
However, in order for the relief to be processed, the balance of the interest must be paid within the period in addition to the tax owed, "pay the outstanding principal tax with twenty-five (25) per cent of the interest sum payable forthwith," the statement said.
Cabinet also decided that landowners will also have an option of working out a payment plan with the Commissioner of Inland Revenue, "to liquidate the principal tax with twenty-five (25) per cent of the interest sum payable within the relief period."
Since 2018, the decisions of the Virgin Islands (VI) cabinet are made public to the people of the territory. The move came following a speech from Governor Augustus J. U. Jaspert, who made the announcement during his ‘Speech from the Throne,’ during the House of Assembly’s sitting on Thursday, September 13, 2018.