, 1961-03-29
NOTICE TO INCOME TAXPAYERS
IN THE VIRGIN ISLANDS

It is provided by the Internal Revenue Code and Regulations that
every citizen of the United States and Tor resident of the VIRGIN Is
lands whose gross income for 1860 was 100000 or more-$1,2oOOO or
more in the case of those individuals who were SIS years before the
close Of the taxable year, must file an income tax return to report
his income for income tax purposes. Individuals who are not residents
but earn income in the Virgin Islands should file their returns and
pay their" taxes here, as before, based on their earnings in the Virgin
Islands. Public Law ST. s3rd Congress. End Session also requires.
fnaf an individual who claims the Virgin Islands as his residence
must file a return and pay his income taxes TO the Virgin Islands on
income from all sonrcestboth within and outside of the Virgin Is
landsl. "A taxpayer. who is a resident Of the Virgin Islands has no OPP
ton in the matter.
Furthermore, til provided in the Code and Regulations that the
income tax computed on form 1040 must be paid at the time that the
return is filed or no later than the due date of the return. The Regu-
|lations also provide for the assessment of penalties, plus interest, on
any amount OF tax that is not paid with the return or by the due
date of the tax.
Every citizen or resident shall make a declaration of estimated
tax if his gross income can reasonably be expected to consist Of more
that $4,000 from sources other than wages subject to Withholding
and can reasonably be expected to exceed $5,000O0 fora single indi-
vidual or a married person filing a separate declaration, 100000 for
a person qualified as head of a household or surviving widow or
widower.
The Code and Regulations provide that corporations must file
their income tax returns no later than the 18th day Of the third
month after the close Of the taxable year March 18th in the case Of
corporations closing their tax year on December 3lsD and if the tax
able year ends after 1231-6O the Corporation tax may be paid in two
installments-5O% with the return and 500 no later than three
months thereafter. individuals are required. to file their returns no
later than the 18th day of the fourth month after the close of tax
able year april 18th in the case of individuals reporting fol a tax
able year which ends on December 31sD. Individual Returns for the
calendar year 1860 are due by April 18th.
Extensions Of time for filing returns and paying income taxes
have been a problem of growing proportions, therefore we find it
necessary to restrict the granting of extensions in the future to the
most mentorious cases. Extensions will be granted only in cases
where adequate reasons are set forth in detail, on forms provided by
the Tax Division for that purpose, and incomplete requests will be
denied.
Blank forms may be secured from the Office Of the Tax Division
or the Tax Booth in the Post Office. Taxpayers are requested to file
their returns early and 10 be sure that they are complete and signed.
Employees Of the Tax Division will assist taxpayers in preparing
their income tax returns only on Tuesdays. Wednesdays and Thurs
PERCY DE JoEGH
I1315-2O-222729 Commissioner of Finance
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