, 1961-03-20
NOTICE TO INCOME TAXPAYERS
IN THE VIRGIN ISLANDS

II is provided by the Internal Revenue Code and Regulations that
every citizen of the United States and/or resident Of the Virgin Is
lands whose gross income for 1860 was 100000 or more-$1s2O0O0o or
more in the case of those individuals who were 65 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 SIT. sad Congress. End Session also requires
that an individual who claims the Virgin Islands as ms residence
must file a return and pay his income taxes TO the Virgin Islands on
income from all sources(both within and outside Of the Virgin Is
lands. A taxpayer. who is a resident OF the Virgin Islands a n op-
ton in the matter.
Furthermore, it is 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-
lahons 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 t.. withholding
and can reasonably be expected to exceed $5,00000 for a single lndl-
vidual or a married person filing a separate declaration, $lO,OOOOO for
a person qualified as head of a household or surviving widow or
wdower.
The Code and Regulations provide that corporations must file
their income tax returns no later than the 18th day Of the third
raonth after the close Of the taxable year March 18th in the case OF
corporations closing their tax year on December 31sb and II the tax
able year ends after 12-31-60 the Corporation tax may be PAID IN TWO
installments-50% with the return and 500 no later than three
months thereafter. Individuals are required to file their returns n o
later than the 18th day of the fourth month after the close O tax
able year april 18th in the case of individuals reporting 0 a Ak
able year which ends on December 3lst). lndlVldual returns OF III
calendar year 1860 are due by April l1h.
Extensions of time for filing returns and paying income taxes
have been a problem of growing proportions, therefore we find 1t
necessary to restrict the granting of extensions in the future to the
most meritorious cases. Extensions Will be granted only IN case
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
ort the Tax Booth in the Post Office. Taxpayers are requested to file
their returns early and to 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
days.
13-15-a 30 % 27-29 Commissioner of Finance