85 F
Cruz Bay
Saturday, May 28, 2022
HomeNewsLocal newsIRB Plowing Through Tax Refunds

IRB Plowing Through Tax Refunds

The Bureau of Internal Revenue has about 5,708 remaining tax refunds to process, totaling about $15 million, for the 2015 tax year, IRB Director Marvin Pickering told senators during budget hearings Thursday.

At the end of FY 2015, IRB had processed 22,797 refund returns, totaling $60 million. As of Thursday, IRB had paid out on 22,593 refunds for the current fiscal year, totaling $61 million, he said. Of that, most – 16,885, were for tax year 2014 and earlier, totaling $46 million.

"As a highlight of our achievement, in January of this year, the bureau processed $22 million of this fiscal year’s refunds, within a five-day turn around period. This was a major accomplishment for the staff, as it was one of the largest refund schedules processed within a short period of time," Pickering said.

IRB’s tax collections for FY 2015 totaled $654 million, with $352 million from individual income tax; $161 million in gross receipts tax; $77 million in corporate income tax; and $23 million in excise tax.

Advertising (skip)
Advertising (skip)
Advertising (skip)
Advertising (skip)
Advertising (skip)

As of May 31, FY 2016 revenue collections were at $429 million, with four month remaining.

Sen. Kurt Vialet asked Pickering if the next several months were likely to be on track and bring revenues in line with last year.

"The last numbers I looked at, collections seemed to be steady. But I feel optimistic that, other than corporate income tax, we are on target with the other categories," Pickering said.

Pickering presented the IRB’s budget request of $13 million, all from the territory’s General Fund. It is $3.5 million more than last year, which Pickering said primarily reflected pay increases and 18 funded positions the department hoped to fill. The increased staffing will help IRB collect more revenue, he said.

No votes were taken during the budget discussion. Present were Vialet, Sens. Marvin Blyden, Myron Jackson, Sammuel Sanes, Positive Nelson, Tregenza Roach and Clifford Graham. No members were absent. 

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.



STAY CONNECTED

20,771FansLike
4,728FollowersFollow

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Load more