BVI, Caribbeanand International News

Zoe Walcott wants payroll tax threshold moved to $15K

Zoe Walcott wants payroll tax threshold moved to $15K

Territorial At-Large candidate for the Virgin Islands Party (VIP), Zoe Walcott, said she believes there should be some changes made to the BVI’s payroll tax if the VIP is re-elected into office.
The BVI is widely known as a low tax jurisdiction, and while the rate of taxation has been set at zero for income tax, payroll tax still applies to all remunerations or salaries greater than $10,000 per annum. This essentially means that taxes are deducted from payroll income once someone earns at least $10,000 in a calendar year.

Walcott, who was speaking at the time at a VIP rally for the launch of the party’s Eight District candidate, Allen Wheatley, said the VIP has many strategies in store to address the cost-of-living challenges facing the territory.

She also stated she has a passion for listening to persons and for bringing forth ‘good and solid’ ideas that have been put to her. “One such idea that was put to me today — and I’m ventilating it because I’m going to lobby for it — is going to be to increase the PAYE (Pay As You Earn) from $10,000 to $15,000,” Walcott said.

Walcott explained that this basically means anyone making $1,250 per month or below will not be subjected to payroll tax any longer.

Addressing concerns that this will mean a shortfall for the territory’s treasury, Walcott said her fellow candidate, Allen Wheatley, whom she also described as a finance whiz, will help her to find new revenue sources to replace that income.

The political hopeful further shared that her proposal was just a small part of a bigger picture towards creating a vibrant and energised economy.

Greater emphasis on the BVI’s ‘blue economy’, Walcott explained, along with investments in tourism, were among some of the other economic initiatives to be implemented if the VIP is re-elected.

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