V.I. Joel A. Lee, Director of the Bureau of Internal Revenue (Photo by Barry Leerman for the V.I. Legislature)
Joel A. Lee, director of the Virgin Islands Bureau of Internal Revenue (BIR), reminds local manufacturers of the obligation to file monthly excise returns for goods made in the Virgin Islands. The excise duty rates for goods manufactured in the area are set out in the Virgin Islands Code.
The calculation of the consumption tax for goods manufactured in the Virgin Islands is described by law and corresponds to the calculations for goods imported into the Virgin Islands.
Manufacturers who import raw materials to be used in their manufacturing business must report these items at the time of import and use the appropriate item code to ensure that the raw materials are specifically identified.
Manufacturers, including those with Economic Development Commission (EDC) benefits, must submit Form 721VI along with the Manufacturing Costs Worksheet (Form 721VI MWKS monthly).
The return is due 30 days after the month in question. Returns for the month of January 2021 are due by March 2, 2021.
Manufacturing Costs Worksheets (FORM 721VI MWKS) are available on the BIR website at https://bir.vi.gov and in all offices. All excise returns, including those for locally produced goods, must be submitted through the excise web portal available at https://excise.bir.vi.gov.
Taxpayers with questions can call Glenford Hodge, the Excise Regulatory Authority, at 715-1040. 3201.