Speaker crafts Cash Economy Enforcement Act - KUAM.com-KUAM News: On Air. Online. On Demand.

Speaker crafts Cash Economy Enforcement Act

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by Mindy Aguon

Guam - Hoping to provide the Guam Department of Revenue & Taxation with the additional tools and resources necessary to boost government revenues, Speaker Judi Won Pat introduced Bill 210, the Cash Economy Enforcement Act of 2011. The legislation could generate millions of dollars in revenues by targeting high-risk, cash based transaction businesses that are under-reporting their taxes.

The bill is patterned after Hawaii legislation that realized an initial $7 million. The speaker told KUAM News, "There's the indirect benefit first and then as a result of it, if they don't want to follow the law, it gives the department more teeth. It gives them also from these fines to be able to have monies go in so they can beef up their Special Enforcement Division."

The measure would also go after companies that do not have a license to do business, fail to maintain adequate books and records and those that do not accept checks or electronic payments for business transactions.

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