(a) Every person, partnership, firm, corporation, or other business association subject to excise taxes under the provisions of sections 41, 42, and 44 of this title shall report all articles, goods, merchandise and commodities brought into or manufactured in the Virgin Islands and pay all excise taxes provided for by this chapter to the Director of the Bureau of Internal Revenue. With respect to imported items such excise taxes shall be payable prior to the time the taxable items are released from customs custody, except that in the case of each shipment for which the excise tax is less than five ($5.00) dollars, and except in the case of goods, merchandise and commodities brought into the Virgin Islands by the United States Postal Service for delivery to importers and consignees, in which case the procedures for reporting and payment of the excise taxes thereon shall be in accordance with the provisions of section 44 of this chapter.
(b) The Director of the Bureau of Internal Revenue shall promulgate rules concerning procedures for the valuation of goods and payment of excise taxes on items manufactured in the Virgin Islands.