Virgin Islands (British) Information about minimum wage and taxes.

The Virgin Islands, also known as the British Virgin Islands, are an overseas territory located in the Caribbean. It is governed by the British legal system and is located in the British Caribbean. Information about minimum wage and tax is given below:

1. Minimum Wage: The minimum wage in the Virgin Islands is $

8.35 per hour as of September 1, 2021. This fee is paid every two weeks or once a month.

2. Tax System: In the Virgin Islands, individuals and corporations pay income taxes. The income tax rates individuals pay vary depending on the income earned. Income may be taxed at approximately 0% to 35%.

3. Corporate Tax: Companies pay corporate taxes in the Virgin Islands. The corporate tax rate varies depending on the industry in which the company operates and the amount of income earned. Generally, companies' profits are taxed between 0% and 30%.

4. Income Tax Return: In the Virgin Islands, individuals and corporations are required to file annual income tax returns. Declaration deadlines and details are determined by the Virgin Islands Government.

5. Employer Taxes: In the Virgin Islands, employers pay social security contributions for their employees. This contribution is achieved by the employer making a deduction from the employee's salary.

6. Customs Duties: In the Virgin Islands, customs duties are imposed on imported goods. Customs duties vary depending on the type and value of the imported goods. To summarize, the minimum wage in the Virgin Islands is $

8.35 per hour, and individuals and corporations pay income taxes. Income tax rates vary depending on the income earned and the industry in which the company operates. Employers also pay employees' social security contributions. Customs duties vary depending on the imported goods.