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11 chapters · 347 sections in this title.
13 V.I.C. § 770 Definitions
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(1) For the purposes of this chapter:“Director” means the Director of the Virgin Islands Bureau of Internal Revenue;“Virgin Islands foreign sales corporation”, and “VIFSC” mean a corporation that elects to be treated as such pursuant to section 772 of this chapter;“Foreign trade …
13 V.I.C. § 771 Applicability of benefits
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(1) The benefits granted under this chapter:(1) apply only to an VIFSC incorporated in the United States Virgin Islands;(2) do not apply to an VIFSC or its shareholders if more than five percent (5%) of the VIFSC's gross income during the taxable year is derived from sales or ser…
13 V.I.C. § 772 Election of a corporation to be a VIFSC
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(a) A corporation shall elect to be a VIFSC, if it is created under the laws of the United States Virgin Islands and it declares, or is deemed to have declared, its intent to elect to become a VIFSC in the manner described in section 431(a)(1) of this title. (b) A corporation tha…
13 V.I.C. § 773 Exemption of VIFSCs from income taxes
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(a) An FSC shall be exempt from the payment of income tax under the Internal Revenue Code (as it applies to the United States Virgin Islands) on:(a) foreign trade income;(b) net investment income and carrying charges; and(c) foreign trade related income. (a) foreign trade income;…
