(a) Every individual and every firm, corporation, and other association doing business in the Virgin Islands shall report their gross receipts and pay a tax of four percent (4%) on the gross receipts of such business. The proceeds of gross receipts taxes shall be covered into the General Fund of the Treasury of the Virgin Islands; Provided, however, That all commissions paid for the sale of Virgin Islands Lottery tickets shall be exempt from gross receipts taxation. This section shall not apply to producers within the Virgin Islands of agricultural products, as that term is defined in Title 7, section 11 of this Code.
(b) The term “gross receipts” as used in this title shall mean all receipts, cash or accrued, of the taxpayer for services or derived from trade, business, commerce or sales, and the value accruing from the sale of tangible personal property or services, or both, including rentals, fees and other involvements, however, designated, without any deduction on account of the cost of the property sold, the cost of materials used, labor cost, royalties, taxes, interest or discount paid, and any other expenses whatsoever.
(c) The provisions of this section shall apply to contractors with the Government of the United States Virgin Islands for public works, projects or undertakings.
(d) All banks as defined by the word “bank” in Title 19, chapter 1, section 1 of the Virgin Islands Code shall be exempt from the payment of all gross receipts taxes imposed by the Government of the United States Virgin Islands.
(e) Except as provided by the provisions of Title 11, Chapter 25, Virgin Islands Code, it shall be unlawful for anyone who is required by subsection (a) of this section to pay a gross receipts tax to state separately the gross receipts tax or any portion thereof on any bill or invoice to any customer or client.
(f) Every individual and every firm, corporation, and other association subject to the provisions of this section and whose annual gross receipts are less than $225,000 is exempted from the payment of gross receipts tax on the first $9,000 of gross receipts each month. For the purposes of this subsection, an individual, business, or association shall be presumed to have annual gross receipts of less than $225,000 if the actual gross receipts for the preceding tax year of such individual, business, or association was less than $225,000. The presumption shall continue each month until the actual gross receipts are $225,000 or more for the taxable year, in which case the gross receipts tax is due and payable on the entire gross receipts for such tax year. Any individual, business, or association which paid gross receipts taxes on the entire gross receipts for a tax year and qualifies for the exemption provided by this subsection shall be refunded the amount which should have been exempt under this subsection. Notwithstanding any other provisions of law to the contrary, if an individual, firm, partnership, or any other association, is a member of a controlled group of more than one business at any time during the taxable period, then for purposes of this section, the gross receipts of all of such businesses shall determine the amount of the exemption granted hereunder to each member of such controlled group. If a corporation is a member of a controlled group of corporations at any time during the taxable period, then, for purposes of this section, the gross receipts of the entire controlled group shall determine the amount of the exemption granted hereunder to each and every member of such controlled group. For purposes of this subsection, the term “controlled group” means any arrangement entered into subsequent to June 1, 1982, whereby, or whereunder, (A) in the case of individual proprietorships, or any other association, ownership of more than a 50 percent interest (as evidenced by amount of investment, share of the profits, or contractual agreement) in each such entity in the group is held by the same individual, or by such individual and the members of his immediate family, or (B) in the case of corporations, two or more corporations which are connected through stock ownership with a common parent which owns more than 50 percent of the voting power or of the value of the stock of one of the other corporations in the group, or are connected through stock ownership by a single individual (or such individual and the members of his immediate family), which individual owns more than 50 percent of the voting power or of the value of the stock of one of the corporations in the group.