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Dec. 29, 2004 – Virgin Islands Bureau of Internal Revenue Director Louis Milton Willis announced Wednesday that the Bureau's civil compliance program of the Economic Development Commission's beneficiaries (EDC) has begun. The goal of the program is to evaluate and examine returns of taxpayers to ensure compliance with the tax laws.
"This project will allow taxpayers the opportunity to open their books and records, resolve any income sourcing issues, and obtain a determination on their residency status," Willis stated.
This is a coordinated program with the Internal Revenue Service. This joint effort, a significant milestone for both agencies, will ensure that both the BIR and the Internal Revenue Service are administering the same rules, regulations and statutes, which should eliminate any concerns about double taxation.
"The taxpayers will have the benefit of one audit, which will resolve their issues with both tax jurisdictions. I am confident that this project will be a success for both the taxpayers and the Bureau," concluded Willis.
