Instructions For Taxpayers-Form 720 V.i - Virgin Islands
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1INSTRUCTIONS FOR TAXPAYERS-FORM 720 V.I.
LINE 1.
The Virgin Islands imposes a Gross Receipts Tax on total receipts from the conduct of business within the V. I., without reduction of
any expenses whatsoever.
LINE 2.
Those businesses with yearly Gross Receipts of $150,000 or more pay a tax of 4% on all Gross Receipts
Businesses with yearly Gross Receipts of less than $150,000 pay a tax of 4% on all receipts in excess of $5,000 per month.
LINE 3.
LINE 4.
Businesses with Gross Receipts of more than $120,000 annually must file monthly returns on form 720 V. I.
LINE 5.
Businesses with Gross Receipts of $120,000 or less should file an annual return using Form 720B
LINE 6.
For a Gross Receipts monthly return to be considered timely, it should be postmarked or submitted to the VIBIR within 30 calendar
days following the last day of the calendar month concerned
LINE 7.
If a sole proprietor owns or operates more than one business or company, he must file a consolidated Gross Receipts Tax Return.
LINE 8.
If you are not liable for taxes for the indicated period, please enter "0" ore "NONE" in the space provided for the "TOTAL
AMOUNT DUE" and file the return by the due date.
LINE 9.
Penalty for late payment is incurred at a rate of 5% per month not to exceed a maximum of 5 months or 25%.
LINE 10.
Interest for late payment is incurred at a rate of 1% per month.
V. I. Bureau of Internal Revenue Codes for Principal Business Activity and Principal Products or Services
(select only one and enter on front of form)
Agriculture, Forestry, and Fishing Codes
Transportation, Communication, Electric,
Finance, Insurance, and Real Estate codes
Farms:
Gas, and Sanitary Services Codes
6000
Banking
0120
Crops (including Vegetables
4121
Passenger Transit
6100
Credit Agencies
& fruits)
4210
Trucking
6212
Security and commodity
0250
Poultry & eggs
4216
Trash Collection
brokers, dealers exchange
0270
Animal
4220
Warehousing
and services
Agricultural services and forestry:
4400
Water Transportation
6411
Insurance agents, brokers &
0740
Veterinary Services
4540
Air Transportation
Services
0753
Livestock breeding
4722
Passenger transportation
6511
Real Estate agents, brokers &
0780
Landscaping & horticultural
arrangements
managers
services
4799
Other transportation services
6512
Other real estate activities
0790
Other agricultural services
4800
Communication
6748
Holding and other investment
0930
Fishing, hunting and trapping
4900
Utilities
companies
Construction Codes
Service Codes
1510
General building contractors
7012
Hotel & other lodging places
and operative builders
Trade Codes
7299
Personal Services
1611
Heavy construction
Wholesale trade of durable and nondurable goods:
7398
Business Services
Special trade contractors:
5001
Selling for own account
7510
Automotive Services & Repairs
1711
Plumbing and air conditioning
5002
Agent or broker for other firms-
(including rentals)
1721
Painting, paperhanging, and
more than 50% of gross sales on
7680
Miscellaneous repair services
decorating
commission
7840
Motion Picture theaters and
1731
Electrical work
Retail trade:
video tape
1740
Masonry, drywall, stone, tile
5211
Building materials, hardware,
Stores and services
1750
Carpentering and flooring
garden supplies
7980
Amusement and recreational
1761
Roofing, siding, and sheet
5398
General Merchandise
Services
metal
5490
Food Stores
8098
Medical & Health services
1771
Concrete work
5511
Automotive Dealers
8111
Legal services
1781
Water well drilling
5541
Gasoline Service Station
8200
Educational Services
1790
Other
5699
Apparel & Accessory Stores
8351
Child day care
Manufacturing Codes
5710
Furniture, home furnishings
8722
Certified Public Accountants
2000
Food
and equipment
8999
Other Services
2300
Apparel
5810
Eating and Drinking places
2500
Furniture & Fixtures
5996
Miscellaneous retail stores
2700
Printing & publishing
2800
Chemicals
EXEMPTION CODES
3100
Leather & leather products
3970
Other
01 STANDARD
05 FRANCHISE BUS OPERATOR
02 EDC
06 REVERSE OSMOSIS (50%)
03 LOTTERY
07 EXEMPT INSURERS
08 CERTAIN FEDERALLY
04 AFFORDABLE
HOUSING
FUNDED PROJECTS
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