(a) The tax imposed under section 516 of this title shall be due within 30 calendar days following the last day of the month concerned and shall be based upon gross revenues derived during the previous month. A licensee shall file its first return and shall report gross revenues from the time it commenced operations and ending on the last day of the month. Such return shall be filed with the Virgin Islands Bureau of Internal Revenue within 30 calendar days following the last day of the month concerned. A copy of the return shall also be filed with the Commission by the same date.
(b) Notwithstanding any other law to the contrary, any business conducted by an individual, partnership, or corporation or any other entity, or any combination thereof, holding a license pursuant to this chapter shall, in addition to all other taxes imposed by this chapter, file a corporate income tax or individual income tax return and pay the taxes indicated thereon. The Director of the Virgin Islands Bureau of Internal Revenue shall administer the taxes imposed under sections 515 and 516 of this title in accordance with the procedures set out in Title 33, Virgin Islands Code.