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

Speaker crafts Cash Economy Enforcement Act

Posted: Updated:

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.

  • NEWS HEADLINESMore>>

  • Cop arrested for July 4th car crash

    Cop arrested for July 4th car crash

    A longtime Guam Police officer finds himself on the other side of law. Police officer three Dennis Santos is now in custody at the Department of Corrections. His arrest is in connection to the July 4th car crash that occurred along Marine Corps Drive by KMore >>
    A longtime Guam Police officer finds himself on the other side of law. Police officer three Dennis Santos is now in custody at the Department of Corrections. His arrest is in connection to the July 4th car crash that occurred along Marine Corps Drive by KMore >>
  • AG's office awarded $1.9 million grant for crime victims programs

    AG's office awarded $1.9 million grant for crime victims programs

    Nearly $2 million dollars in federal grant money was awarded to the island's Office of the Attorney General to provide direct assistance to victims of crime. In a release, Congresswoman Madeleine Bordallo announced the award funded by the U.S. DepartmentMore >>
    Nearly $2 million dollars in federal grant money was awarded to the island's Office of the Attorney General to provide direct assistance to victims of crime. In a release, Congresswoman Madeleine Bordallo announced the award funded by the U.S. Department More >>
  • Taiwanese nationals face charges of visa fraud

    Taiwanese nationals face charges of visa fraud

    They're accused of entering Guam in June claiming to be tourists under the Visa Waiver Program, but instead stayed and were working as hostesses at a local club called Wild Orchid in Tamuning. Taiwanese nationals Yu-Hsin Chang, I-Ying Lin, Chiao-En Wang, More >>
    They're accused of entering Guam in June claiming to be tourists under the Visa Waiver Program, but instead stayed and were working as hostesses at a local club called Wild Orchid in Tamuning. Taiwanese nationals Yu-Hsin Chang, I-Ying Lin, Chiao-En Wang, More >>
Powered by Frankly