Guam - A roundtable was held this morning on the Legislative Tax Code Commission aimed on getting insight from former members, compiling documents of work that has been done in the past and beginning renewed discussion on the Internal Revenue Tax code.
Former Guam Finance Commission member Bob Steffy discussed the economic model once used to help Guam with the proposed changes to the Internal Revenue Code and complying with regulations by Congress. He said, "One of the things we had to prove to congress was it was going to be revenue neutral or positive. Another element is it could not discriminate against U.S. taxpayers and we needed an implementation agreement and I'm not sure if we ever got to that the economic model allowed us to take certain things in the Internal Revenue Code and if we take it out what are the revenue projections."
Other discussions ranged from double taxation, stability purposes and legislative actions. The roundtable was hosted by Senator Ben Pangelinan and included former speaker and commission member Joe T. San Agustin and Rev & Tax director John Camacho.