Virgin Islands Tax Sharing Agreement
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How to fill out Tax Sharing Agreement?
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FAQ
The BVI Agreement will promote a closer bilateral relationship between Australia and the BVI by eliminating double taxation of certain income derived by individuals, specifically government employees, students and business apprentices.
The U.S. Virgin Islands is not included within any tax treaties to which the United States is a party. The U.S. Virgin Islands government does not have the legal authority to enter into tax treaties with foreign countries on its own behalf.
The Mirror Code As far as taxes go, Congress requires that the USVI impose an income tax that "mirrors" the U.S. federal income tax found in United States Code, Title 26 (also known as the "Internal Revenue Code" or "IRC").
US Virgin Islands is not a tax haven or offshore jurisdiction, but USVI companies (or corporations) could be established as "USVI Exempt Companies" with partial or full exemption from local and US federal income taxes.
A USVI corporation pays an effective tax rate of approximately 23.1% on its eligible income, and with the 90% tax credit the effective rate is 2.31% (salaries and other forms of compensation such as guaranteed payments are fully taxable).
USVI Tax Incentives & The Economic Development Commission up to 90% reduction in corporate and personal income tax; 100% exemption on other taxes, including business property and gross receipt taxes; U.S. currency, courts, and flag protection; rental space at below market rates in sponsored industrial parks.
An individual who qualifies as a bona fide resident of the U.S. Virgin Islands (or who files a joint U.S. return with a U.S. citizen or resident with U.S. Virgin Islands income) will generally have no U.S. tax liability so long as the taxpayer reports all income from all sources on the return filed with the U.S. Virgin ...
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
