Nov. 28, 2001 – A review of the territory's tax laws is a little closer to getting under way with the appointment Monday of seven people to serve on a new Tax Study Commission.
Gov. Charles W. Turnbull appointed Internal Revenue Bureau director Louis Willis, Office of Management and Budget director Ira Mills and Finance Commissioner Bernice Turnbull to represent the government on the commission. Rosa White-Cromwell, president of the St. Croix Education Administrators Association, represents labor.
Marjorie Roberts, an attorney specializing in tax issues, represents the private sector from St. Thomas/St. John. Certified public accountants Pablo O'Neill and Franciso E. Depusior represent St. Croix.
The commission was established under the 2001 Omnibus Authorization Act and charged with creating a more business-friendly tax environment so as to promote both local and off-shore investment. It will take a close look at the territory's tax laws, evaluate the U.S. Internal Revenue Code as it is mirrored in the Virgin Islands and assess how changes in tax policy could affect business and development.
The panel is to submit recommendations to the government on reforming the tax structure to maximize revenues and provide tax relief to businesses without impacting individual taxpayers. In a Government House press release, the governor said that any alternative taxes must be carefully considered because they would impact the territory's residents.
