The Economic Development Commission (EDC) (which is a program sanctioned by the US Government) offers a unique and attractive tax incentive program for companies located in the USVI. This is a competitive offshore tax benefit program that is sanctioned by the U.S. Government. Below are some of the benefits your business can reap if eligible for the EDC program:
- 90% reduction in corporate income tax
- 90% reduction in personal income tax
- 100% exemption on gross receipt tax
- 100% exemption on business property tax
- 100% exemption on excise tax payments
- Reduction in the customs duty from the standard 6% to 1%
- Tax reduction on royalty income from software developed in the USVI and sold to non-US customers
- Availability of rental space at below market rates in the St. Croix and St. Thomas Industrial Parks
Learn more about the EDC program where you can find additional information on eligibility, benefits and how they work and the application process.