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720VI Gross Receipts Monthly Form (5%) - Virgin Islands Internal

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GROSS RECEIPTS 2. minus EXEMPTION ex. Standard 5 000 or 9 000 Fishermen EDC lottery commissions affordable housing reverse osmosis etc* 3. TAXABLE RECEIPTS 4. TAX DUE line 1 minus line 2 multiply line 3 by the tax rate of 0. 05 or 5 5. UP FRONT GROSS RECEIPTS TAX WITHHELD 6. ADJUSTED TAX DUE 7. PENALTY if payment is late multiply line 6 by. 05 or 5 per month but not to exceed 25 8. INTEREST 9. minus CREDITS over payments 10. TOTAL AMOUNT DUE add line 6 7 8 minus line 9 Name 11. Indicate Princip ...

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the taxes in the US Virgin Islands?

The taxes are at the same rates and use the same forms and rules as for federal income taxes. This results in the USVI income tax rate being equal to the tax rate for individuals living in a state with no income tax.

How do you calculate gross receipts tax?

Calculate gross receipts by adding all revenue received within a tax year without subtracting returns, allowances, costs of goods sold, or any other business expenses.

Who is required to file a Form 720?

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

What is the gross receipts tax in the USVI?

The USVI imposes a tax of 4% on the gross receipts of USVI businesses. Businesses with annual gross receipts of less than $150,000 are exempt from tax on their first $5,000 per month of gross receipts.

What is the gross receipts for income tax?

Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.

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