Form 720 Vi PDF Details

Form 720 Vi is used to report certain excise tax liabilities connected with certain activities or items. The form must be filed quarterly, and the due date for filing is the last day of the month following the end of the quarter. There are a variety of different types of excise taxes that may be reported on this form, so it's important to understand which ones apply to your situation. This blog post will provide an overview of Form 720 Vi and explain some of the most common excise taxes that are reported on it.

QuestionAnswer
Form NameForm 720 Vi
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names720 vi, v i 720, gross receipts tax virgin islands, brazzers form 720

Form Preview Example

(line 1 minus line 2)

FORM 720 V.I.

(REV. 03/2012)

Government of the U. S. Virgin Islands

BUREAU OF INTERNAL REVENUE

Employer Identification Number (EIN)

Social Security Number (SSN)

EXEMPTION CODE

(SEE REVERSE )

Gross Receipts Monthly Tax Return

(Use for filing receipts of more than $225,000 per year.)

Please Print or

 

TAX MONTH

Type Clearly

 

 

 

 

 

 

 

 

 

 

Indicate Firm Type:

Accounting Method: 20

 

Sole Proprietor

 

 

CASH

 

Partnership

 

 

ACCRUAL

 

Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.) GROSS RECEIPTS

2.) (minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery commissions, affordable housing, reverse osmosis, etc.

3.) TAXABLE RECEIPTS

4.) TAX DUE (multiply line 3 by the tax rate of 0.05 or 5%)

5.) UP FRONT GROSS RECEIPTS TAX WITHHELD

6.) ADJUSTED TAX DUE (line 4 minus line 5)

7.) PENALTY (if payment is late, multiply line 6 by .05 or 5% per month, but not to exceed 25%)

8.) INTEREST (if payment is late, multiply line 6 by .01 or 1% per month)

9.) (minus) CREDITS (over payments)

10.) TOTAL AMOUNT DUE (add line 6, 7, 8 minus line 9)

Name

D/B/A

Mailing Address

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.) Indicate Principal Business

Activity Code:

(SEE REVERSE )

12.) Telephone Number

- -

PLEASE REMIT BY DUE DATE TO:

City

 

State

 

Zip Code

BUREAU OF INTERNAL REVENUE

 

 

 

 

 

 

ST. THOMAS, U.S.V.I. 00802

 

 

 

 

 

 

 

 

 

 

 

 

ST. CROIX, U.S.V.I. 00820

 

 

 

 

 

 

 

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.

Print Name: _____________________________________________________________ Title: ____________________________

(PRESIDENT, OWNER, ETC.)

Signature: _______________________________________________________________ Date: ___________________________

FORM 720VI (3/2012)

I N STRUCTI ON S FOR TAX PAYERS- FORM 7 2 0 V . I .

Th e V ir g in I sla n d s im p ose s a Gr oss Re ce ip t s Ta x on t ot a l r e ce ip t s fr om t h e con d u ct of b u sin e ss w it h in t h e V . I . , w it h ou t r e d u ct ion of a n y e x p e n se s w h a t soe v e r . Th e Gr oss Re ce ip t s t a x r a t e is 5 % .

I f t h e Gr oss Re ce ip t s Ta x w a s w it h h e ld b y t h e V . I . Gov e r n m e n t , p le a se r e m e m b e r t o in clu d e t h e a m ou n t w it h h e ld .

Bu sin e sse s w it h y e a r ly Gr oss Re ce ip t s of le ss t h a n $ 2 2 5 ,0 0 0 p a y a t a x of 5 % on r e ce ip t s in e x ce ss of $ 9 ,0 0 0 e a ch m on t h .

Bu sin e sse s w it h Gr oss Re ce ip t s of m or e t h a n $ 2 2 5 ,0 0 0 a n n u a lly m u st file m on t h ly r e t u r n s on for m 7 2 0 V . I .

Bu sin e sse s w it h Gr oss Re ce ip t s of $ 2 2 5 ,0 0 0 or le ss sh ou ld file a n a n n u a l r e t u r n u sin g For m 7 2 0 B

For a Gr oss Re ce ip t s m on t h ly r e t u r n t o b e con sid e r e d t im e ly , it sh ou ld b e p ost m a r k e d or su b m it t e d t o t h e V I BI R w it h in 3 0 ca le n d a r d a y s follow in g t h e la st d a y of t h e ca le n d a r m on t h con ce r n e d

I f a sole p r op r ie t or ow n s or op e r a t e s m or e t h a n on e b u sin e ss or com p a n y , h e m u st file a con solid a t e d Gr oss Re ce ip t s Ta x Re t u r n .

I f y ou a r e n ot lia b le for t a x e s for t h e in d ica t e d p e r iod , p le a se e n t e r " 0 " or " N ON E" in t h e sp a ce p r ov id e d for t h e " TOTAL AM OUN T D UE" a n d file t h e r e t u r n b y t h e d u e d a t e .

Pe n a lt y for la t e p a y m e n t is in cu r r e d a t a r a t e of 5 %

p e r m on t h n ot t o e x ce e d a m a x im u m of 5 m on t h s or 2 5 % .

I n t e r e st for la t e p a y m e n t is in cu r r e d a t a r a t e of 1 %

p e r m on t h .

 

 

I N STRUCTI ON S FOR TAX PAYERS- FORM 7 2 0 V . I .

 

 

( se le ct o n ly o n e a n d e n t e r o n f r o n t o f f o r m )

 

Agr icu lt u r e , For e st r y , a n d Fish in g Code s

Tr a n spor t a t ion , Com m u n ica t ion , Ele ct r ic,

Fin a n ce , I n su r a n ce , a n d Re a l Est a t e Code s

 

Ga s, a n d Sa n it a r y Se r v ice s Code s

 

1 1 1 0 0 0

Cr ops ( in clu din g v e ge t a ble s

 

& fr u it s)

1 1 2 0 0 0

An im a l

1 1 1 9 9 8

Ot h e r Agr icu lt u r a l Se r v ice s

1 1 2 9 0 0

An im a l Pr odu ct ion

1 1 4 0 0 0

Fish in g, H u n t in g a n d Tr a ppin g

5 4 1 9 4 0

V e t e r in a r y Se r v ice s

5 6 1 7 3 0

La n dsca pin g & H or t icu lt u r a l

 

Se r v ice s

Con st r u ct ion Code s

2 3 6 1 0 0

Re side n t ia l Bu ildin g Con st r u ct ion

2 3 6 2 0 0

N on r e side n t ia l Bu ildin g Con st r u ct ion

2 3 7 0 0 0

H e a v y a n d Civ il En gin e e r in g Con st r u ct ion

Sp e cia l t r a d e con t r a ct or s:

2 3 8 1 1 0

Con cr e t e w or k

2 3 8 1 4 0

M a son r y

2 3 8 1 6 0

Roofin g Con t r a ct or s

2 3 8 1 7 0

Sidin g Con t r a ct or s

2 3 8 2 1 0

Ele ct r ica l & Ot h e r W ir in g Con t r a ct or s

2 3 8 2 2 0

Pa in t in g, Pa pe r h a n gin g, a n d

 

D e cor a t in g

2 3 8 3 2 0

Pa in t in g & W a ll Cov e r in g Con t r a ct or s

2 3 8 3 1 0

D r y w a ll & I n su la t ion Con st r u ct ion

2 3 8 3 3 0

Ca r pe n t e r in g a n d Floor in g

2 3 8 3 3 0

Floor in g Con t r a ct or s

2 3 8 3 4 0

Tile & Te r r a z z o Con st r u ct ion

2 3 8 3 5 0

Fin ish Ca r pe n t r y Con t r a ct or s

2 3 8 9 9 0

All Ot h e r Spe cia lt y Tr a de Con t r a ct or s

4 2 3 7 2 0

Plu m bin g a n d Air Con dit ion in g

M a n u fa ct u r in g Code s

2 2 1 1 0 0

U t ilit ie s

4 8 1 0 0 0

Air Tr a n spor t a t ion

4 8 3 0 0 0

W a t e r Tr a n spor t a t ion

4 8 3 1 1 1

D e e p Se a Fr e igh t Tr a n spor t a t ion

4 8 4 1 1 0

Tr u ck in g

4 8 5 1 1 1

Pa sse n ge r Tr a n sit

4 8 5 3 1 0

Ta x i Se r v ice s

4 8 8 9 9 9

Ot h e r Tr a n spor t a t ion Se r v ice s

4 8 8 9 9 9

Pa sse n ge r Tr a n spor t a t ion

 

Ar r a n ge m e n t s

4 9 3 1 0 0

W a r e h ou sin g & St or a ge

5 1 1 1 0 0

N e w spa pe r , Pe r iodica l, Book , &

 

D ir e ct or y Pu blish e r s

5 1 7 9 1 9

Com m u n ica t ion

5 6 2 0 0 0

W a st e M a n a ge m e n t Se r v ice s

Tr a de Code s

4 2 5 1 0 0 W h ole sa le Tr a de Age n t s & Br ok e r s

Re t a il t r a d e :

4 4 1 1 0 0 0 Au t om ot iv e D e a le r s

4 4 2 0 0 0

Fu r n it u r e St or e s

4 4 3 0 0 0

Ele ct r on ics & Applia n ce St or e s

4 4 4 0 0 0

Bu ildin g M a t e r ia ls, H a r dw a r e ,

 

Ga r de n Su pplie s

4 4 5 0 0 0

Food & Be v e r a ge St or e s

4 4 5 1 0 0

Gr oce r y St or e s

4 4 7 0 0 0

Ga solin e Se r v ice St a t ion

4 4 8 0 0 0

Appa r e l & Acce ssor y St or e s

4 5 2 0 0 0

Ge n e r a l M e r ch a n dise

4 5 3 0 0 0

M isce lla n e ou s Re t a il st or e s

5 2 2 1 1 0

Com m e r cia l Ba n k in g

5 2 2 1 3 0

Cr e dit U n ion s

5 2 2 3 1 0

M or t ga ge & N on - m or t ga ge Loa n Br ok e r s

5 2 3 1 1 0

I n v e st m e n t Ba n k in g & Se cu r it ie s D e a lin g

5 2 3 1 2 0

Se cu r it y a n d Com m odit y

 

Br ok e r s, D e a le r s Ex ch a n ge

 

a n d Se r v ice s

5 2 3 9 0 0

Other Financial I nvestment Activities

5 2 4 2 0 0

Age n cie s, Br ok e r a ge s, & Ot h e r I n su r a n ce

 

Related Activities

5 2 4 2 1 0

I n su r a n ce Age n t s, Br ok e r s &

 

Se r v ice s

5 3 1 1 1 0

Le ssor s of Re side n t ia l Bu ildin gs

5 3 1 1 2 0

Le ssor s of N on - Re side n t ia l Bu ildin gs

5 3 1 2 1 0

Re a l Est a t e Age n t s, Br ok e r s &

 

M a n a ge r s

5 3 1 3 9 0

Ot h e r Act iv it ie s Re la t e d t o Re a l Est a t e

Se r v ice Code s

5 1 2 1 3 1

M ot ion Pict u r e Th e a t e r s

5 3 2 1 1 1

Pa sse n ge r Ca r Re n t a l

5 3 2 2 3 0

V ide o Ta pe & D isc Re n t a l

5 4 1 1 0 0

Le ga l se r v ice s

5 4 1 2 0 0

Accou n t in g, Ta x Pr e p, Book k e e pin g &

 

Payroll Services

5 4 1 2 1 1

Ce r t ifie d Pu blic Accou n t a n t s

5 4 1 6 1 0

M a n a ge m e n t Con su lt in g Se r v ice s

5 6 1 4 1 0

Pe r son a l Se r v ice s

5 6 1 5 0 0

Tr a v e l Ar r a n ge m e n t & Re se r v a t ion Se r v ice s

6 1 1 0 0 0

Edu ca t ion a l Se r v ice s

6 1 1 6 9 0

All Sch ools a n d I n st r u ct ion s

6 2 1 0 0 0

Am bu la t or y H e a lt h Ca r e Se r v ice s

6 2 1 1 1 2

M e dica l & H e a lt h Se r v ice s

6 2 4 4 1 0

Ch ild D a y Ca r e

3 1 1 0 0 0

Food

3 1 5 0 0 0

Appa r e l

3 1 6 0 0 0

Le a t h e r & Le a t h e r Pr odu ct s

3 2 3 1 0 0

Pr in t in g & Re la t e d Su ppor t Act iv it ie s

3 2 3 1 1 9

Pr in t in g & Pu blish in g

3 2 5 0 0 0

Ch e m ica ls M a n u fa ct u r in g

3 3 7 0 0 0

Fu r n it u r e & Fix t u r e s

3 3 9 9 9 9

Ot h e r

 

EX EM PTI ON COD ES

01

STANDARD

05

FRANCHI SE BUS OPERATOR

02

EDC

06

REVERSE OSMOSI S ( 50% )

03

LOTTERY

07 EXEMPT I NSURERS

04

AFFORDABLE

08 CERTAI N FEDERALLY FUNDED

 

HOUSI NG

 

PROJECTS

 

 

09 ENTERPRI SE ZONE

7 1 3 2 0 0

Ga m blin g I n du st r ie s

7 1 3 9 9 0

Am u se m e n t a n d Re cr e a t ion a l

 

Se r v ice s

7 2 1 1 1 0

H ot e l & Ot h e r Lodgin g Pla ce s

7 2 2 0 0 0

Food Se r v ice s & D r in k in g Pla ce s

8 1 1 0 0 0

Re pa ir & M a in t e n a n ce

8 1 1 1 0 0

Au t om ot iv e Re pa ir & M a in t e n a n ce

8 1 1 2 1 9

Ele ct r on ic Re pa ir & M a in t e n a n ce

8 1 2 0 0 0

Pe r son a l & La u n dr y Se r v ice s

8 1 3 9 0 0

Bu sin e ss, Pr ofe ssion a l, La bor , Polit ica l, a n d

 

a n d Sim ila r Se r v ice s

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