(a) The Government of the Virgin Islands, including its instrumentalities, agencies and public corporations, when making a payment as defined under subsection (b) of this section, to any person, partnership, firm, corporation, or other business association that is subject to the payment of gross receipts tax under the provisions of this title, shall deduct and withhold from such payment gross receipts tax equal to four percent of such payment. Such tax shall be paid to the Virgin Islands Bureau of Internal Revenue within ten days of the last day of the calendar month during which such tax was withheld on forms to be provided by the Virgin Islands Bureau of Internal Revenue.
(b) For purposes of withholding under this section, “payment” is defined as the following:
(1) any single payment of at least $30,000; and
(2) any payment pursuant to a contract providing for a total expenditure of $225,000 or more.
(c) Every person, partnership, firm, corporation, or other business association whose annual gross receipts are greater than $225,000 and who is subject to the payment of gross receipts taxes under the provisions of this title shall file a return each month with the Director of the Virgin Islands Bureau of Internal Revenue, on forms to be provided by the Virgin Islands Bureau of Internal Revenue, declaring the dollar value of the gross receipts during the calendar month along with such books or records as may be required by the Virgin Islands Bureau of Internal Revenue, accompanied by payment of taxes due on said gross receipts for such calendar month. Every such person, partnership, firm, corporation, or other business association will receive a credit for any gross receipts tax withheld under subsection (a) of this section. The returns and payments required by this subsection shall be due within 30 calendar days following the last day of the calendar month concerned.
(d) Every person, partnership, firm, corporation, and other business association whose annual gross receipts are $225,000 or less shall file an annual return with the Director of the Bureau of Internal Revenue, on forms to be provided by the Bureau of Internal Revenue, stating the gross receipts for each calendar month and the total amount of the gross receipts for the year. Every such person, partnership, firm, corporation, or other business association will receive a credit for any gross receipts tax withheld from gross receipts under subsection (a) of this section. The return and payment required by this subsection shall be due within 30 calendar days following the last day of the year concerned.
(e) Every person, partnership, firm, corporation, or other business association that is subject to the payment of excise taxes on articles, goods, merchandise, or commodities delivered to the importer or consignee in the Virgin Islands by the United States Postal Service, under the provisions of this title, shall file a return each month with the Director of the Virgin Islands Bureau of Internal Revenue, on forms to be provided by the Virgin Islands Bureau of Internal Revenue, declaring the dollar value of the taxable imports delivered by the United States Postal Service during the calendar month along with such other books or records as may be required by the Virgin Islands Bureau of Internal Revenue, accompanied by the payment of the excise taxes due on such shipments received from the United States Postal Service for such calendar month. The returns and payments required by this subsection shall be due within 30 calendar days following the last day of the calendar month concerned.
(f) Upon receipt by the Bureau of Internal Revenue of excise tax returns filed at the time of importation or of the gross receipts tax returns required under subsections (a), (c) and (d) of this section, the Director of the Bureau of Internal Revenue shall cause such returns to be examined and the applicable tax computed. The Director shall thereafter notify the taxpayer of any deficiency that may be due thereon and after such notice, the amount of the deficiency plus penalties shall be a lien in favor of the Government of the Virgin Islands upon all property or rights to the property, whether real or personal, belonging to such taxpayer. The amount may be collected by seizure and sale of such property.