§ 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 […]
§ 738. Qualification
(a) The Board may not require an applicant to meet qualifications or requirements in excess of the conditions listed in this subchapter for the granting of an initial certificate. (b) In order to qualify and remain eligible for tax incentive benefits under this chapter, an applicant must fulfill the following qualifications or requirements: (1) Invest […]
§ 739. Discrimination, hearing, certificate revocation
If after notice and hearing the Commissioner of Labor finds that the beneficiary or any contractor or any other agent of the beneficiary has willfully practiced discrimination in employment based on age, sex, race, national origin or religion, the Commissioner shall certify the finding to the Board, who shall revoke the beneficiary’s certificate upon clear […]
§ 740. Employment of residents by international financial services entity; temporary permits
(a) After the third year of operation, an international financial services entity shall have at least 60% of its management, supervisory or technical positions filled by residents of the Virgin Islands as defined in title 29, section 703 of the Virgin Islands Code, unless granted a waiver by the Board. (b) A waiver may be […]
§ 741. Powers and duties of the Commissioner of Labor
(a) The Commissioner of Labor shall appoint a qualified and responsible employee of the Department of Labor to administer, supervise and enforce or cause to be enforced the provisions of this section and section 740, and in this context may promulgate necessary regulations, conduct such investigations and institute such remedial action as may be required. […]
§ 742. Tax exemptions
(a) Each international financial services entity applicant granted a tax incentive benefit certificate, pursuant to this chapter is exempt from payment of the following taxes: (1) taxes on real property to the extent that properly is used in the business; (2) gross receipt taxes, except that this exemption does not apply to the gross receipts […]
§ 734. Administrative hearings, adjudication proceedings and judicial review
All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review must be set forth by regulations promulgated by the Board. The regulations must substantially conform to the principles of the federal Administrative Procedure Act, 5 U.S.C. Sec. 551 et seq.
§ 735. Inapplicability of existing laws
Neither the provisions of this title, nor chapter 15 of title 11, which fix the maximum interest rates or charges permitted on loans, are applicable to the operations of international financial services entities established under this chapter.