Fillable FORM 720-B: Gross Receipts Annual Tax Return

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FORM 720-B: Gross Receipts Annual Tax Return

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Please Indicate:
(PRESIDENT, OWNER, ETC.)
Print Name: ________________________________________ Title: _________________________
Government of the U. S. Virgin Islands
BUREAU OF INTERNAL REVENUE
Gross Receipts Annual Tax Return
(Use for filing receipts of $225,000 or less)
FORM 720-B
(REV. 9/2013)
D/B/A
Mailing Address
Name
20
M
O
N
T
H
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
TOTAL
CASH
ACCRUAL
GROSS RECEIPTS
(1)
LESS MONTHLY
EXEMPTION
(2)
(ex. Standard $9,000, EDC,
fishermen, lottery commissions,
Affordable housing, reverse
Osmosis, Etc……..)
TAXABLE
GROSS RECEIPT
(3)
(Column 1 minus
Column 2)
TAX
(4)
(COLUMN 3 Multiplied
By 5% or (.05)
(5) AMOUNT DUE
(6) PENALTY
(7) INTEREST
(8) SUBTOTAL
(9) CREDITS
(10) TOTAL AMOUNT DUE
Sole Proprietor
Partnership
Corporation
Indicate
Firm Type:
Indicate Principal Business Activity Code:
I declare under penalty of perjury that this return has been examined by me and to the best of my knowledge and belief is
Signature: __________________________________________ Date: ________________
Telephone Number:
a true, correct and complete return of gross receipts during the year stated pursuant to Title 33VIC 42 & 43.
NOTE: This return must be filed and any tax due must be paid within 30 days following the last day of the year reported.
Businesses with gross receipts greater than $ 225,000 are required to file monthly using Form 720V.I.
BUREAU OF INTERNAL REVENUE
ST. THOMAS, U.S.V.I. 00802
ST. CROIX, U.S.V.I. 00820
PLEASE REMIT BY DUE DATE TO:
Social Security Number (SSN) Employer Identification Number (EIN)
(SEE REVERSE)
- -
City State Zip Code
Form 720B (9/2013)
Print Form
0.00
0.00
0.00
0.00
0.00
Agriculture, Forestry, and Fishing Codes Transportation, Communication, Electric, Finance, Insurance, and Real Estate Codes
Gas, and Sanitary Services Codes
111000 Crops (including vegetables 522110 Commercial Banking
& fruits) 221100 Utilities 522130 Credit Unions
112000 Animal 481000 Air Transportation 522310 Mortgage & Non-mortgage Loan Brokers
111998 Other Agricultural Services 483000 Water Transportation 523110 Investment Banking & Securities Dealing
112900 Animal Production 483111 Deep Sea Freight Transportation 523120 Security and Commodity
114000 Fishing, Hunting and Trapping 484110 Trucking Brokers, Dealers Exchange
541940 Veterinary Services 485111 Passenger Transit and Services
561730 Landscaping & Horticultural 485310 Taxi Services 523900 Other Financial Investment Activities
Services 488999 Other Transportation Services 524200 Agencies, Brokerages, & Other Insurance
488999 Passenger Transportation Related Activities
Arrangements 524210 Insurance Agents, Brokers &
Construction Codes 493100 Warehousing & Storage Services
511100 Newspaper, Periodical, Book, & 531110 Lessors of Residential Buildings
236100 Residential Building Construction Directory Publishers 531120 Lessors of Non-Residential Buildings
236200 Nonresidential Building Construction 517919 Communication 531210 Real Estate Agents, Brokers &
237000 Heav
y
and Civil En
g
ineerin
g
Construction 562000 Waste Management Services Managers
531390 Other Activities Related to Real Estate
Special trade contractors:
238110 Concrete work Trade Codes Service Codes
238140 Masonry
238160 Roofing Contractors 425100 Wholesale Trade Agents & Brokers 512131 Motion Picture Theaters
238170 Siding Contractors 532111 Passenger Car Rental
238210 Electrical & Other Wiring Contractors Retail trade: 532230 Video Tape & Disc Rental
238220 Painting, Paperhanging, and 441100 Automotive Dealers 541100 Legal services
Decorating 442000 Furniture Stores 541200 Accounting, Tax Prep, Bookkeeping &
238320 Painting & Wall Covering Contractors 443000 Electronics & Appliance Stores Payroll Services
238310 Drywall & Insulation Construction 444000 Building Materials, Hardware, 541211 Certified Public Accountants
238330 Carpentering and Flooring Garden Supplies 541610 Management Consulting Services
238330 Flooring Contractors 445000 Food & Beverage Stores 561410 Personal Services
238340 Tile & Terrazzo Construction 445100 Grocery Stores 561500 Travel Arrangement & Reservation Services
238350 Finish Carpentry Contractors 447000 Gasoline Service Station 611000 Educational Services
238990 All Other Specialty Trade Contractors 448000 Apparel & Accessory Stores 611690 All Schools and Instructions
423720 Plumbing and Air Conditioning 452000 General Merchandise 621000 Ambulatory Health Care Services
453000 Miscellaneous Retail stores 621112 Medical & Health Services
624410 Child Day Care
Manufacturing Codes 713200 Gambling Industries
713990 Amusement and Recreational
311000 Food Services
315000 Apparel
EXEMPTION CODES
721110 Hotel & Other Lodging Places
316000 Leather & Leather Products 01 STANDARD 05 FRANCHISE BUS OPERATOR 722000 Food Services & Drinking Places
323100 Printing & Related Support Activities 02 EDC 06 REVERSE OSMOSIS (50%)
811000
Re
p
air & Maintenance
323119 Printing & Publishing 03 LOTTERY 07 EXEMPT INSURERS 811100 Automotive Repair & Maintenance
325000 Chemicals Manufacturing 04 AFFORDABLE 08 CERTAIN FEDERALLY FUNDED 811219 Electronic Repair & Maintenance
337000 Furniture & Fixtures HOUSING PROJECTS 812000 Personal & Laundry Services
339999 Other 09 ENTERPRISE ZONE
813900 Business, Professional, Labor, Political, and
and Similar Services
2012+
Please provide a daytime telephone number where you can be reached.
Businesses with multiple locations or divisions must file only one 720-B per year. Filing more than one return may
result in processing delays.
PRINCIPAL BUSINESS ACTIVITY CODE
(select only one and enter on front of form)
INSTRUCTIONS FOR TAXPAYERS-FORM 720B
The Virgin Islands gross receipts tax is a tax on total receipts from the conduct of a business within the V. I. (whether
such receipts are in cash or accrued) without reduction for the cost of goods sold or services or any expenses
whatsoever.
The gross receipts tax falls into the following two categories: businesses with gross receipts under $225,000 and
businesses with
g
ross recei
p
ts over $225,000. Businesses with
g
ross recei
p
ts over $225,000 can not use this form. The
y
must file monthly returns. Only businesses with gross receipts under $225,000 can use this form. This return is due
January 30th following the year concerned.
Businesses with gross receipts under $225,000 are eligible for the $9000 per month exemption and pay a tax of 5%
on all receipts in excess of $9,000.00 per month.
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FORM 720-B: Gross Receipts Annual Tax Return

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Completed 10 September 2020

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