Fillable FORM 720 V.I.: Gross Receipts Monthly Tax Return

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FORM 720 V.I.: Gross Receipts Monthly Tax Return

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1.
Gross Receipts Monthly Tax Return
(Use for filing receipts of more than $225,000 per year.)
Government of the U. S. Virgin Islands
BUREAU OF INTERNAL REVENUE
1.) GROSS RECEIPTS
10.) TOTAL AMOUNT DUE (add line 6, 7, 8 minus line 9)
20
FORM 720 V.I.
(REV. 05/2011)
D/B/A
Mailing Address
City State Zip Code
12.) Telephone Number
Employer Identification Number (EIN)
Social Security Number (SSN)
TAX MONTH
Indicate Firm Type:
Sole Proprietor
Partnership
Corporation
Accounting Method:
Please Print or
Type Clearly
2.) (minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery
commissions, affordable housing, reverse osmosis, etc.
EXEMPTION CODE
3.) TAXABLE RECEIPTS (line 1 minus line 2)
4.) TAX DUE (multiply line 3 by the tax rate of 0.045 or 4.5%)
I DECLARE UNDER PENALTY OF PERJURY THAT THIS RETURN HAS BEEN EXAMINED BY ME AND TO THE BEST OF MY
KNOWLEDGE AND BELIEF IT IS TRUE, CORRECT AND COMPLETE, PURSUANT TO TITLE 33 VIC SECTIONS 42 & 43.
Signature: _______________________________________________________________ Date: ___________________________
(PRESIDENT, OWNER, ETC.)
Print Name: _____________________________________________________________ Title: ____________________________
7.) PENALTY (if payment is late, multiply line 6 by .05 or 5% per month, but not to
exceed 25%)
-
Name
8.) INTEREST (if payment is late, multiply line 6 by .01 or 1% per month)
9.) (minus) CREDITS (over payments)
11.) Indicate Principal Business
Activity Code:
(SEE REVERSE )
CASH
ACCRUAL
(SEE REVERSE )
4.
2.
3.
5.
6.
7.
8.
9.
-
PLEASE REMIT BY DUE DATE TO:
BUREAU OF INTERNAL REVENUE
ST. THOMAS, U.S.V.I. 00802
ST. CROIX, U.S.V.I. 00820
5.) UP FRONT GROSS RECEIPTS TAX WITHHELD
6.) ADJUSTED TAX DUE (line 4 minus line 5)
10.
Print Form
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, &
236100 Residential Building Construction Directory Publishers 531110 Lessors of Residential Buildings
236200 Nonresidential Building Construction 517919 Communication 531120 Lessors of Non-Residential Buildings
237000 Heavy and Civil Engineering Construction 562000 Waste Management Services 531210 Real Estate Agents, Brokers &
Managers
Special trade contractors: 531390 Other Activities Related to Real Estate
238110 Concrete work Trade Codes
238140 Masonry
238160 Roofing Contractors 425100 Wholesale Trade Agents & Brokers Service Codes
238170 Siding Contractors
238210 Electrical & Other Wiring Contractors Retail trade: 512131 Motion Picture Theaters
238220 Painting, Paperhanging, and 4411000 Automotive Dealers 532111 Passenger Car Rental
Decorating 442000 Furniture Stores 532230 Video Tape & Disc Rental
238320 Painting & Wall Covering Contractors 443000 Electronics & Appliance Stores 541100 Legal services
238310 Drywall & Insulation Construction 444000 Building Materials, Hardware, 541200 Accounting, Tax Prep, Bookkeeping &
238330 Carpentering and Flooring Garden Supplies Payroll Services
238330 Flooring Contractors 445000 Food & Beverage Stores 541211
Certified Public Accountants
238340 Tile & Terrazzo Construction 445100 Grocery Stores 541610 Management Consulting Services
238350 Finish Carpentry Contractors 447000 Gasoline Service Station 561410 Personal Services
238990 All Other Specialty Trade Contractors 448000 Apparel & Accessory Stores 561500 Travel Arrangement & Reservation Services
423720 # Plumbing and Air Conditioning 452000 General Merchandise 611000 Educational Services
453000 Miscellaneous Retail stores 611690 All Schools and Instructions
621000 Ambulatory Health Care Services
Manufacturing Codes 621112 Medical & Health Services
624410 Child Day Care
311000 Food 713200 Gambling Industries
315000 Apparel 713990 Amusement and Recreational
316000 Leather & Leather Products Services
323100 Printing & Related Support Activities
EXEMPTION CODES
721110 Hotel & Other Lodging Places
323119 Printing & Publishing 01 STANDARD 05 FRANCHISE BUS OPERATOR 722000 Food Services & Drinking Places
325000 Chemicals Manufacturing 02 EDC 06 REVERSE OSMOSIS (50%)
811000
Repair & Maintenance
337000 Furniture & Fixtures 03 LOTTERY 07 EXEMPT INSURERS 811100 Automotive Repair & Maintenance
339999 Other 04 AFFORDABLE 08 CERTAIN FEDERALLY FUNDED 811219 Electronic Repair & Maintenance
HOUSING PROJECTS 812000 Personal & Laundry Services
09 ENTERPRISE ZONE
813900
Business, Professional, Labor, Political, and
and Similar Services
Businesses with Gross Receipts of $225,000 or less should file an annual return using Form 720B
INSTRUCTIONS FOR TAXPAYERS-FORM 720 V.I.
The Virgin Islands imposes a Gross Receipts Tax on total receipts from the conduct of business within the V. I., without reduction of
any expenses whatsoever. The Gross Receipts tax rate is 4.5%.
If the Gross Receipts Tax was withheld by the V.I. Government, please remember to include the amount withheld.
Businesses with yearly Gross Receipts of less than $225,000 pay a tax of 4.5% on receipts in excess of $9,000 each month.
Businesses with Gross Receipts of more than $225,000 annually must file monthly returns on form 720 V. I.
(select only one and enter on front of form)
For a Gross Receipts monthly return to be considered timely, it should be postmarked or submitted to the VIBIR within 30 calendar
days following the last day of the calendar month concerned
If a sole proprietor owns or operates more than one business or company, he must file a
consolidated Gross Receipts Tax Return.
If you are not liable for taxes for the indicated period, please enter "0" or "NONE" in the space
provided for the "TOTAL AMOUNT DUE" and file the return by the due date.
Penalty for late payment is incurred at a rate of 5% per month not to exceed a maximum of 5 months or 25%.
Interest for late payment is incurred at a rate of 1% per month.
INSTRUCTIONS FOR TAXPAYERS-FORM 720 V.I.
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FORM 720 V.I.: Gross Receipts Monthly Tax Return

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Completed 10 September 2020

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