Virgin Islands Receipt of Payment for Obligation
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How to fill out Receipt Of Payment For Obligation?
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FAQ
U.S. Virgin Islands The United States Virgin Islands are an unincorporated territory of the United States, meaning that only certain parts of the U.S. Constitution apply to its residents. Individuals born in the U.S. Virgin Islands are considered citizens of the United States.
The U.S. Virgin Islands is a shopping mecca, largely thanks to our status as a duty-free port. Visitors have long flocked to our shores, many of them heading for the luxury stores on St. Thomas' Main Street.
There is no sales tax in the USVI; however, there is a tax of 4% levied on the gross receipts of all businesses. Businesses with annual gross revenues under $150,000 per year can exclude $5,000 per month from their taxable base.
The 1954 Revised Organic Act (amended) serves as the effective constitution of the United States Virgin Islands (USVI). Despite its importance in the political life of the Territory, it has not been available in a format that integrates the original document with the important changes (amendments) made to it.
USVI Tax Incentives & The Economic Development Commission up to 90% reduction in corporate and personal income tax; 100% exemption on other taxes, including business property and gross receipt taxes; U.S. currency, courts, and flag protection; rental space at below market rates in sponsored industrial parks.
USVI Tax System The US Congress has granted USVI the authority to allow a lowered tax rate to bona fide residents of the USVI. Any income related to a USVI business is also taxed at a lower rate. Bona fide USVI residents pay taxes to the Virgin Islands Bureau of Internal Revenue (BIR) instead of the IRS.
A USVI corporation pays an effective tax rate of approximately 23.1% on its eligible income, and with the 90% tax credit the effective rate is 2.31% (salaries and other forms of compensation such as guaranteed payments are fully taxable).
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.
