, 1962-03-27
NOTICE 10 NcoME EAxPAYERs
IN THE VIRGIN A N

lions That every citizen OF the United States andIor reS1dent0f
the Virgin Islands whose gross income for 1861 was $4,000 or
more ST. 10000 or more in the case Of those individuals who
were 65yearS before the close of the taxable year, must file an
income tax return to report his income for income tax pur-
poses. 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 5lZ. S3rd Congress. End Session also requires. that
an individual who claims the Virgin Islands as his residence
must file a final tax return and pay the total amount Of his In
come tax TO the Virgin Islands on income from all sources tboth
within and outside Of the Virgin Isandsl for the entire year.
A taxpayer. who is a resident Of the Virgin Islands has no op-
ton in the matter. Ms
Furthermore, it is provided in the. Code and Regulations
that the income tax computed on form 1040 must be paid at
the time the return is filed or no later than the due date Of the
return. The Regulations 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 es-
timated tax if his gross income can reasonably be expected to
consist of more than $4,000 from sources other than wages
subject to withholding and can reasonably be expected to ex-
coed $5,0OOOO for a single Individual or a married person fill
ing a seperate 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
case of corporations closing their tax year. on December 3lst)
and if the taxable year ends after 12E31l61 the Corporation tax
may be paid in two installments 500 with the return and
500 no later than three months thereafter. individuals are re-
quired to file their returns no later than the 18th day of the
fourth month after the close Of the taxable year april 18th in
the case of individuals reporting for a taxable year which ends
on December 31st. individuals Returns for the calendar year
1861 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 ofextensions in the
future to the most meritorious cases. Extensions will be grant
ed 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 TO be sure that they
are complete and signed.
Employees of the Tax Division will assist taxpayers in pre-
pairing their income tax returns only on Tuesdays, Wednesdays
and Thursdays. 49,.
PERCY de
Commissioner of Finance