ST. THOMAS — Saying that the territory’s tax benefit program was created in order to encourage new investment, Governor Kenneth Mapp has rejected an application from a company that offers zipline tours on this island, a press release Government House issued on Friday has made known.
Tree Limin’ Extreme had requested a 100 percent exemption on gross receipts, excise and property taxes, a 90 percent exemption on income taxes and a partial exemption on dividends.
“The decision of whether to grant E.D.C. benefits must be balanced against the territory’s need to grow its private sector revenue base, its need to generate long-term and sustainable investments, and to create opportunities for professional growth of the territory’s residents,” Mr. Mapp wrote in his letter to Economic Development Authority (E.D.A.) Director Wayne Biggs. “Moreover, it is not in the government’s best interest that it removes a taxpaying entity from the current tax rolls.”
According to the release, the governor also requested that the E.D.A. Board reconsider the application for Impact Technologies as it was unclear from the information provided how much the Virgin Islands Government would forgo in taxes, what Impact Technologies’ business purpose in the territory will be and how its inclusion in the E.D.A. program will benefit the people of the Virgin Islands.
Feature Image: Tree Limin’ Extreme, St. Thomas.
Image Credit: Carnival Cruises.
Tags: eda us virgin islands, tax benefits, tree limin zipline
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