To try to get delinquent taxpayers to get back on the straight and narrow, the V.I. Bureau of Internal Revenue will waive penalties for those who have failed to file in the past – if they file and pay their back taxes now, according to BIR. After the amnesty is over, BIR plans to aggressively pursue those who still have not filed.

The amnesty came about after BIR conducted a preliminary analysis of income sources, which found more than 300 taxpayers have failed to file income tax returns in the last several years and collectively owe between $8 million and $12 million, according to a statement from BIR.

“In an effort to encourage compliance, the bureau will offer taxpayers one last chance to come into compliance with their tax filings,” BIR Director Claudette Watson-Anderson said in the statement.

The amnesty period, called "Operation Last Chance" by BIR, will run from March 21 through May 17. Non-filers, including taxpayers who have illegally filed with the Internal Revenue Service, are urged to file all outstanding returns during this period. Penalties will be waived for any taxpayer taking advantage of this opportunity to file and pay outstanding liabilities during this period. Interest will accrue on outstanding balances.

After May 17, "aggressive action will be pursued against non-filers," according to BIR. This may include levies against available income.

A list of those taxpayers the bureau has found to have attempted to evade or defeat taxes will be forwarded to the attorney general’s office for prosecution too.

“During this period, it is urgent that taxpayers capitalize on this opportunity to eliminate any chance of prosecution. It is only right that everyone pay his or her fair share of taxes,” Watson-Anderson said.

Taxpayers taking advantage of the program are asked to place the words “Operation Last Chance” on the top of each return filed under this voluntary program. Taxpayers with questions about Operation Last Chance should call (340) 773-1040, ext.4244.