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ETI REPEAL ATTACKS VIRGIN ISLANDS TAX SCHEMES
May 13, 2004
One provision in the Senate-passed ETI bill attacks tax-motivated "moves" to the Virgin Islands. Promoters have touted arrangements that promise greatly-reduced taxes though establishing residency, defined very loosely, in the Virgin Islands.
The new bill would require Virgin Islands residents to file a U.S. return on U.S. income, with penalties of up to $5,000 for failure to comply. It also would establish federal standards for determining who is a Virgin Islands resident.
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