(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 […]
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.
(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 […]
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 […]
(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 […]
(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. […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
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 […]
(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 […]
(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 […]
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.
(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 […]
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 […]
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 […]
