Title 13, Corporations and Associations
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;…
13 V.I.C. § 774 Exemption of VIFSCs from gross receipts taxes
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An FSC shall be exempt from the tax imposed under Title 33, section 43, Virgin Islands Code, with respect to non-Virgin Islands trading gross receipts and foreign trade related income.
13 V.I.C. § 775 Exemption of VIFSCs from excise taxes
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An VIFSC shall be exempt from the tax imposed under Title 33, section 42, Virgin Islands Code, on non-Virgin Islands export property imported into the United States Virgin Islands for reexport by the VIFSC in the ordinary course of its trade or business.
13 V.I.C. § 776 Exemption of VIFSCs from customs duties
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(a) Non-Virgin Islands export property imported into the United States Virgin Islands for reexport by an VIFSC shall be free of customs duties. (b) The Director shall, within ten (10) days of a written request of an eligible VIFSC to do so, provide the United States Customs Servi…
13 V.I.C. § 777 Exemption of certain shareholders of an VIFSC from certain taxes
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(a) No tax shall be imposed under sections 871(a)(1) and 881 of the Internal Revenue Code upon citizens and residents of the United States and upon corporations organized in the United States with respect to payments received from sources within the United States Virgin Islands d…
13 V.I.C. § 778 Exemption of VIFSCs from certain withholding taxes
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An VIFSC shall be exempt from the requirements of sections 1441 and 1442 of the Internal Revenue Code (as it applies in the United States Virgin Islands) to withhold the tax imposed by sections 871(a)(1) and 881 of the Internal Revenue Code (as it applies in the United States Vir…
13 V.I.C. § 781 Rules
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The Director shall promulgate rules as are necessary for the implementation of this chapter. However, prior to their submission to the Governor under Title 3, chapter 35, Virgin Islands Code, such rules shall be submitted to the Commissioner of Commerce for his recommendations.