​​​​Fiduciary Taxes, also called Trustee Taxes, are collected and remitted by a business on behalf of the individuals who actually pay the taxes.  In essence, the business collecting the tax is serving as a trustee or agent holding the funds in trust until they are remitted to the taxing authority.  Within the City of Virginia Beach, the local taxing authority consist of two departments: the Commissioner of Revenue (COR) whose responsibility is to create accounts, assess, and audit all registered businesses that are charged with collecting Trustee Taxes as well as answering all questions regarding these accounts; and the City Treasurer whose responsibility lies with the mailing, collecting, and posting of monthly and quarterly Trustee Tax Returns. In addition, the City Treasurer pursues any and all delinquent trustee taxes with every means available to us. 

When a new business applies for a business license with the COR, an application is completed and the business is notified of its requirement to collect fiduciary taxes and hold them in trust until the end of the month/quarter when they are obligated to submit a return indicating their total receipts subject to taxation and of course the trustee tax monies. If any of the original application information changes or the business ceases operation and decides to close, the COR needs to be notified.

Tax Rates are set by City Council, vary by industry type, and are classified accordingly. To view the current tax rates, please visit the Commissioner of Revenue's webpage.

​Excluding Daily Rentals and Utility taxes which are due and payable on the 15th of April, July, October, and January all other trustee tax returns are due and payable on the 20th of each reporting month for monies collected in the preceding month.