Title 33 — Taxation and Finance
44 chapters · 619 sections in this title.
33 V.I.C. § 21 Imposition of the tax
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(a) A tax computed as provided in section 22, shall be imposed upon the transfer during a calendar year by any individual, resident or nonresident, of property by gift, which property has its situs in the Virgin Islands. (b) The tax shall apply whether the transfer is in trust or…
33 V.I.C. § 22 Computation of tax
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The tax for each calendar year shall be an amount equal to a tax computed in accordance with the rate schedule set forth:Rate ScheduleIf the net gifts are:The tax shall be(1)On all net gifts from husband to wife, from wife to husband, from ascendants to decend- ants, or from chil…
33 V.I.C. § 23 Transfer for less than an adequate and full consideration
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Where property is transferred for less than an adequate and full consideration in money or money's worth, then the amount by which the value of the property exceeded the value of the consideration shall, for the purpose of the tax imposed by this chapter, be deemed a gift, and sh…
33 V.I.C. § 24 Net gifts
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(a) Definition. The term “net gifts” means the total amount of gifts made during the calendar year, less the deductions provided in section 25. (b) Exclusions from gifts. In the case of gifts (other than of future interests in property) made to any person by the donor during the …
33 V.I.C. § 25 Deductions
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(a) In computing net gifts for the calendar year there shall be allowed as a deduction the amount of all gifts made during such year to or for the use of:(a) The Virgin Islands for exclusively public purposes.(b) A corporation, or trust, or community chest, fund, or foundation, o…
33 V.I.C. § 26 Returns
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(a) Requirement. Any individual who within the calendar year makes any transfers by gift (except those under which section 24 are not to be included in the total amount of gifts for such year) shall make a return under oath in duplicate. The return shall set forth (1) each gift m…
33 V.I.C. § 27 Payment of tax
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(a) Time of payment. The tax imposed by this chapter shall be paid by the donor on or before the 15th day of March following the close of the calendar year. (b) Extension of time for payment. At the request of the donor, the Director may extend the time for payment of the amount …
33 V.I.C. § 28 Lien for tax
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The tax imposed by this chapter shall be a lien upon all gifts made during the calendar year, for ten years from the time the gifts are made. If the tax is not paid when due, the donee of any gift shall be personally liable for such tax to the extent of the value of such gift. An…
33 V.I.C. § 29 Definition of deficiency
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(1) As used in this chapter in respect of the tax imposed by this chapter the term “deficiency” means—(1) The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the donor upon his return; but the amount so shown on the return shall first be inc…
33 V.I.C. § 30 Assessment and collection of deficiencies
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(a) Petition to District Court. If the Director determines that there is a deficiency in respect of the tax imposed by this chapter, the Director is authorized to send notice of such deficiency to the donor by certified mail. Within 90 days after such notice is mailed (not counti…
33 V.I.C. § 31 Exemptions
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A person is exempt from the payment of gift taxes under this chapter if that person is considered a “nonresident not a citizen of the United States” under 26 U.S.C. § 2501(c), or if the person was a resident of the Virgin Islands at the time the gift was made.