by Nick Delgado
Guam - Speaker Judi Won Pat introduced legislation that would require local businesses to electronically file monthly Gross Receipts Tax returns with the Department of Revenue and Taxation. Bill 149 would require businesses whose income exceeds $25,000 per year or more to e-file monthly.
The legislation also offers incentives for businesses e-filing below the $25,000 threshold of a one-time business license renewal fee waiver as long as the taxpayer is in good standing with the department.
Won Pat states, "By mandating electronic filing of monthly GRTs, the department can upgrade from the tedious manual processing of thousands of returns and free up additional resources it needs to address critical enforcement and collection issues within the Department."
The measure also suggests the department provide a kiosk for those businesses who do not have the means to file on-line or through the telephone. If the bill passes, the effective date of the new e-filing policy will take effect January 1, 2012.