§ 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 […]
§ 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 […]
§ 746. Action by the Board
(a) Upon receipt of a finding by the Board that tax incentive benefits should be granted, the Board shall then proceed to issue the appropriate certificate. (b) If, after 60 calendar days, excluding Sundays and holidays, have elapsed from the date the Board has concluded his investigation of the applicant, the Board has neither approved […]
§ 747. Contents of certificate
(a) A tax incentive benefit certificate must be issued by the Board in the name of the Government of the Virgin Islands and must bear the signature of the Board. The certificate must specify all of the following: (1) In the case of a non-publicly owned corporation, the names and addresses of all of shareholders […]
§ 748. Transferability of certificates
A tax incentive benefit certificate granted under this subchapter may be transferred, for the unexpired portion of the term of the certificate to another international financial services entity which succeeds the beneficiary in carrying on or in operating the industry or business for which the certificate is granted, upon determination of the Board that such […]
§ 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 […]