A policy that will cause the value of properties to be reassessed over the next three years is being implemented in the British Virgin Islands.
This is according to the 2018 report on the deliberations of the Standing Finance Committee.
The report said: “From 2018 to 2021, it would become requisite for the Inland Revenue Department to conduct reassessments and reappraisals of properties”.
Legislators agreed to implement that policy based on complaints that property owners were being made to pay property tax on damaged properties.
According to the report, the estimated property damaged across the territory was 70 percent.
While the Inland Revenue Department collected a relatively substantial amount from property taxes last year, the report said the September 2017 hurricanes caused a 30.9 percent decrease in property tax payment.
The report further said government lost revenue from tax collections overall.
Payroll tax declined by 10.7 percent while taxes on International Trade dropped by 34.7 percent.
“The revenue for Taxes on International Trade for September to December 2017 was recorded at $ 2.9 million, but the budget expectation had been $ 15.2 million for that time period,” the report said.
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