Virgin islands income

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You need to file two tax returns. One for the federal government on form and the other one for the Virgin Islands. You will not be able to file your U.

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Virgin Islands or Puerto Rico will probably have to file a tax return with the tax department of one of these territories. It is possible that you may have to file two annual tax returns: one with the territory's tax department and the other with the U. Internal Revenue Service.

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Use our interactive Tax rates tool to compare tax rates by country or region. Insights Industries Services Careers Events. Skip to content.

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The World Factbook, Virgin Islands Estimates: U. Virgin Island Estimates: U.

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Virgin Islands. The rules set by the Economic Development Commission in St. Thomas allow some businesses in the U.

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An important factor in Virgin Islands taxation is whether, on the last day of the tax year, you are a bona fide resident of the Virgin Islands. If you are a temporary worker on the last day of the tax year, you may or may not be a bona fide resident of the Virgin Islands. If you are a bona fide resident of the Virgin Islands on the last day of the tax year, you must file your tax return on Form with the Government of the Virgin Islands and pay the entire tax due to the Virgin Islands. You do not have to file with the IRS for any tax year in which you are a bona fide resident of the Virgin Islands on the last day of the year, provided you report and pay tax on your income from all sources to the Virgin Islands and identify the source s of the income on the return.

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The U. Virgin Islands have their own tax system that is based on the tax rates and tax laws of the United States tax system. If you are a bona fide resident of the U.

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This territory uses US currency and the fiscal year is 1 October - 30 September. Close to two million tourists per year visit the islands. The agriculture sector is small, with most food being imported.

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