§ 752. Effect of other laws
(a) Insofar as the laws of Virgin Islands are not inconsistent with the provisions of this chapter, the laws of the Virgin Islands shall prevail. (b) Insofar as the provisions of this chapter are inconsistent with any other laws of Virgin Islands, the provisions of this chapter shall prevail. (c) The banking-related authority granted to […]
§ 754. Tap Roots Program
As prescribed in section 717, five percent (5%) of the net income obtained from the Board’s functions related to this chapter for any given fiscal year must be remitted to the non-profit foundation, Taproots, Inc., and ten percent (10%) to the Cancer Care Fund administered by the Department of Human Services. The remittance must be […]
§ 755. Application for tax benefits
Notwithstanding anything to the contrary in this subchapter, an international financial services entity that was granted a license under this subchapter before January 20, 2017, and that seeks tax benefits, must apply for the tax benefits available under this subchapter. An international financial services entity that was granted a license under this subchapter after January […]
§ 749. Revocation, suspension or modification of certificate
(a) A tax incentive benefit certificate granted in accordance with this subchapter may be revoked, suspended or modified by the Board, after notice, public hearing, and written findings by the Board that: (1) The beneficiary has failed to maintain compliance with the requirements of this chapter or any regulation hereunder; (2) Upon a finding submitted […]
§ 750. Penalties for violations
(a) Any official or employee of an international financial services entity, or of a person of which it is a unit who, on behalf of the international financial services entity receives any investor funds with the knowledge that the international financial services entity is insolvent shall be fined not less than $5,000, but not more […]
§ 751. Appeals
Any applicant or beneficiary aggrieved by any action of the Board under the provisions of this subchapter is entitled to judicial review of the action by appealing to the Superior Court under the applicable writ of review provisions no later than 30 days after a final decision by the Board or Lt. Governor.
§ 743. Income tax reduction; benefit options
(a) Each applicant granted a tax incentive benefit certificate shall have its income tax liability for income derived from the business for which the certificate is granted, and income from investment described in this section reduced on a current basis, as provided in this section. (b) All exemptions granted under section 742 must be made […]
§ 743b. Exemption on withholding tax
(a) Every person who receives a payment of dividends or interest subject to the tax imposed by section 871(a)(1) or 881 of the Internal Revenue Code, as it applies in the Virgin Islands from an IFSE as hereunder provided, and every such applicant subject to a tax on a dividend equivalent amount imposed by section […]
§ 744. Special provisions or limitations
(a) Applicants for benefits under section 743 may be granted an additional ten years of tax exemption on the initial term of benefits and subsidy at one hundred percent of benefits if the principal place of business of the applicant is located within the town limits of Frederiksted, St. Croix as defined on the Frederiksted […]
§ 745. Certificate modifications, extension or renewals
(a) Upon proper application or reapplication, public hearing and in compliance with all other relevant provisions of this chapter pertaining to the grant of initial benefits, as determined and required by the Board, any recipient of tax incentive benefits granted under this subchapter may be granted an extension, modification or renewal of those benefits subject […]