§ 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 […]
§ 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 […]
§ 736. Tax Incentive Benefits
(a) Any international business entity licensed and regulated under this chapter before the effective date of subchapter III, is eligible to receive any tax exemption, tax credit, or tax privilege pursuant to this subchapter. (b) The Board may: (1) review all applications for tax incentive benefits, issue a Certificate of Eligibility for Tax Incentive Benefits […]
§ 737. Contract
Each certificate granting tax incentive benefits issued under this subchapter is a contract between the Government of the Virgin Islands and the beneficiary. Should the Government adopt any legislation impairing or limiting the obligations going forward, existing contracts must be honored.