Form 720-B Gross Receipts Annual Tax Return Page 2
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1
2INSTRUCTIONS FOR TAXPAYERS-FORM 720B
The Virgin Islands gross receipts tax is a tax on total receipts from the conduct of a business within the V. I. (whether
such receipts are in cash or accrued) without reduction for the cost of goods sold or services or any expenses
whatsoever.
The gross receipts tax falls into the following two categories: businesses with gross receipts under $225,000 and
businesses with gross receipts over $225,000. Businesses with gross receipts over $225,000 can not use this form. They
must file monthly returns. Only businesses with gross receipts under $225,000 can use this form. This return is due
January 30th following the year concerned.
Businesses with gross receipts under $225,000 are eligible for the $9000 per month exemption and pay a tax of 5%
on all receipts in excess of $9,000.00 per month.
Please provide a daytime telephone number where you can be reached.
Businesses with multiple locations or divisions must file only one 720-B per year. Filing more than one return may
result in processing delays.
PRINCIPAL BUSINESS ACTIVITY CODE
(select only one and enter on front of form)
Agriculture, Forestry, and Fishing Codes
Transportation, Communication, Electric,
Finance, Insurance, and Real Estate Codes
Gas, and Sanitary Services Codes
111000
Crops (including vegetables
522110
Commercial Banking
& fruits)
221100
Utilities
522130
Credit Unions
112000
Animal
481000
Air Transportation
522310
Mortgage & Non-mortgage Loan Brokers
111998
Other Agricultural Services
483000
Water Transportation
523110
Investment Banking & Securities Dealing
112900
Animal Production
483111
Deep Sea Freight Transportation
523120
Security and Commodity
114000
Fishing, Hunting and Trapping
484110
Trucking
Brokers, Dealers Exchange
541940
Veterinary Services
485111
Passenger Transit
and Services
561730
Landscaping & Horticultural
485310
Taxi Services
523900
Other Financial Investment Activities
Services
488999
Other Transportation Services
524200
Agencies, Brokerages, & Other Insurance
488999
Passenger Transportation
Related Activities
Arrangements
524210
Insurance Agents, Brokers &
Construction Codes
493100
Warehousing & Storage
Services
511100
Newspaper, Periodical, Book, &
531110
Lessors of Residential Buildings
236100
Residential Building Construction
Directory Publishers
531120
Lessors of Non-Residential Buildings
236200
Nonresidential Building Construction
517919
Communication
531210
Real Estate Agents, Brokers &
237000
Heavy and Civil Engineering Construction 562000
Waste Management Services
Managers
531390
Other Activities Related to Real Estate
Special trade contractors:
238110
Concrete work
Trade Codes
Service Codes
238140
Masonry
238160
Roofing Contractors
425100
Wholesale Trade Agents & Brokers
512131
Motion Picture Theaters
238170
Siding Contractors
532111
Passenger Car Rental
238210
Electrical & Other Wiring Contractors
Retail trade:
532230
Video Tape & Disc Rental
238220
Painting, Paperhanging, and
441100
Automotive Dealers
541100
Legal services
Decorating
442000
Furniture Stores
541200
Accounting, Tax Prep, Bookkeeping &
238320
Painting & Wall Covering Contractors
443000
Electronics & Appliance Stores
Payroll Services
238310
Drywall & Insulation Construction
444000
Building Materials, Hardware,
541211
Certified Public Accountants
238330
Carpentering and Flooring
Garden Supplies
541610
Management Consulting Services
238330
Flooring Contractors
445000
Food & Beverage Stores
561410
Personal Services
238340
Tile & Terrazzo Construction
445100
Grocery Stores
561500
Travel Arrangement & Reservation Services
238350
Finish Carpentry Contractors
447000
Gasoline Service Station
611000
Educational Services
238990
All Other Specialty Trade Contractors
448000
Apparel & Accessory Stores
611690
All Schools and Instructions
423720
Plumbing and Air Conditioning
452000
General Merchandise
621000
Ambulatory Health Care Services
453000
Miscellaneous Retail stores
621112
Medical & Health Services
624410
Child Day Care
Manufacturing Codes
713200
Gambling Industries
713990
Amusement and Recreational
311000
Food
Services
EXEMPTION CODES
315000
Apparel
721110
Hotel & Other Lodging Places
316000
Leather & Leather Products
01 STANDARD
05 FRANCHISE BUS OPERATOR
722000
Food Services & Drinking Places
Repair & Maintenance
811000
323100
Printing & Related Support Activities
02 EDC
06 REVERSE OSMOSIS (50%)
323119
Printing & Publishing
03 LOTTERY
07 EXEMPT INSURERS
811100
Automotive Repair & Maintenance
325000
Chemicals Manufacturing
04 AFFORDABLE
08 CERTAIN FEDERALLY FUNDED
811219
Electronic Repair & Maintenance
337000
Furniture & Fixtures
HOUSING
PROJECTS
812000
Personal & Laundry Services
813900
Business, Professional, Labor, Political, and
339999
Other
09 ENTERPRISE ZONE
and Similar Services
2012+
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