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Print Name Title Signature Date Form 722VI 1/2016 INSTRUCTIONS TO TAXPAYERS-FORM 722 VI 1. A guest of a hotel includes an individual who has registered in a hotel as well as one who rents or leases an apartment condominium or residence for a day week or month provided that the rental or lease is for less than 90 days. FORM 722 V. I. Print Form REV. 01/2016 Government of the U* S* Virgin Islands BUREAU OF INTERNAL REVENUE Hotel Room Tax Return Employer Identification Number EIN Indicate one of...

How to fill out 722 vi 2016 form

How to fill out VI BIR 722

1. Obtain a copy of the VI BIR 722 form from the Virgin Islands Bureau of Internal Revenue website or office.
2. Fill in the taxpayer's details, including name, address, and taxpayer identification number.
3. Indicate the type of return being filed (e.g., individual, partnership, corporation).
4. Report the total income earned during the tax year in the appropriate section.
5. Deduct any allowable expenses and exemptions as outlined in the form instructions.
6. Calculate the total tax due or the refund owed based on the information provided.
7. Sign and date the form, certifying that the information provided is accurate.
8. Submit the completed form to the Virgin Islands Bureau of Internal Revenue by the specified deadline.

Who needs VI BIR 722?

1. Individuals and entities residing or operating in the Virgin Islands who are required to report their income and pay taxes.
2. Businesses registered in the Virgin Islands that need to report their earnings and calculate tax liabilities.
3. Any taxpayer seeking to claim deductions or credits available under Virgin Islands tax law.

People Also Ask about

Who is not required to file income tax return in USA?

If your income is less than your standard deduction, you generally don't need to file a return (provided you don't have a type of income that requires you to file a return for other reasons, such as self-employment income).

Who must file Form 8689?

A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.

How do I file my USVI tax return?

The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. If you are a US resident with income allocable to the Virgin Islands, file Form 8689 with your regular 1040 tax return.

Who files form 8689?

Key Takeaways. U.S. Taxpayers who are not bona fide residents of the U.S. Virgin Islands but earned income there must file Form 8689. Form 8689 determines how much income tax should be allocated to the U.S. Virgin Islands.

Do residents of the U.S. Virgin Islands pay federal income tax?

Generally, instead of filing returns and paying taxes to the IRS, residents of the USVI, and corporations[3] formed in the USVI, file returns and pay income taxes directly the Virgin Islands Bureau of Internal Revenue[13].

What is the occupancy tax in St Thomas?

(1) Every guest of a hotel as defined above shall pay to the Government of the United States Virgin Islands a tax to be collected and remitted to the Government by the hotelkeeper or innkeeper at the rate of 12.5 percent of the gross room rate or rental.

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What is VI BIR 722?

VI BIR 722 is a tax form used in the United States Virgin Islands for reporting the annual income and income tax calculated for individuals.

Who is required to file VI BIR 722?

Individuals who have earned income in the United States Virgin Islands and are subject to taxation must file VI BIR 722.

How to fill out VI BIR 722?

To fill out VI BIR 722, taxpayers must complete the form by entering personal information, income details, deductions, and calculating the tax owed before submitting it to the Virgin Islands Bureau of Internal Revenue.

What is the purpose of VI BIR 722?

The purpose of VI BIR 722 is to report individual income for tax purposes and to determine the amount of tax owed to the Virgin Islands government.

What information must be reported on VI BIR 722?

VI BIR 722 requires reporting of personal identification information, income sources, total income, applicable deductions, tax credits, and the final tax liability.