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  • Form 720 Vi

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GROSS RECEIPTS 1. 2.) (minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery commissions, affordable housing, reverse osmosis, etc. 2. 3.) TAXABLE RECEIPTS (line 1 minus line 2) 3. 4.) TAX DUE (multiply line 3 by the tax rate of 0.045 or 4.5%) 4. 5.) UP FRONT GROSS RECEIPTS TAX WITHHELD 5. 6.) ADJUSTED TAX DUE (line 4 minus line 5) 6. 7.) PENALTY (if payment is late, multiply line 6 by .05 or 5% per month, but not to 7. exceed 25%) 8.) INTEREST (if payment is l.

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Related content

FORM 720 VI - Virgin Islands Bureau of Internal...
BUREAU OF INTERNAL REVENUE. 1.) GROSS RECEIPTS. 10.) TOTAL AMOUNT DUE (add line 6, 7, 8...
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The return of any tax to which this part 40 applies must be made on Form 720, ... (vi) Is...
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Gross Receipts Taxes. 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.

The penalty for filing late is 5% of the total tax assessed that was not paid when due. It is charged each month or part of a month the return is late, for up to 5 months.

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.

Step 1: Calculation of Income and Tax. Step 2: Tax Deducted at Source (TDS) Certificates and Form 26AS. Step 3: Choose the right Income Tax Form. Step 4: Download ITR utility from Income Tax Portal. Step 5: Fill in your details in the Downloaded File. Step 6: Validate the Information Entered.

The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. If you are a US resident with income allocable to the Virgin Islands, file Form 8689 with your regular 1040 tax return.

The U.S. Virgin Islands uses a mirror system of taxation, also known as the “Mirror Code,” meaning that USVI taxpayers pay taxes to the Virgin Islands Bureau of Internal Revenue ("BIR") generally to the same extent as U.S. taxpayers would under the Code to the U.S. Internal Revenue Service.

US Virgin Islands Withholding Forms US Virgin Islands does not use a state withholding form because there is no personal income tax in US Virgin Islands.

People who are owed USVI tax refunds can check the status of their returns at http://.vibir.gov/ or by calling (340) 715-1040.

The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232