$2M in tax refunds paid out today - KUAM.com-KUAM News: On Air. Online. On Demand.

$2M in tax refunds paid out today

by Mindy Aguon

Guam - The Calvo Administration and the Department of Revenue & Taxation are ending the year on a positive note, pushing out another $2 million in tax refunds today. 

For the first time in as long as most can remember, Rev & Tax is actually caught up on tax refunds.  In fact those who filed error free returns this month can expect to get their check in the mail. Rev & Tax director John Camacho said, "All error free returns are being paid today - we're mailing out the last batch for the year which is about $2 million, which represents about 784 taxpayers."

That means all residents who filed their taxes up to December 24 and had an error free return has been processed and paid. "This is history in the making for our department our good working employees and the department have been processing all these returns throughout the years and I want to congratulate them," he said.

The Governor's Office notes that when the Calvo Administration came into office, there was a deficit of more than $300 million.  Today there is a much different financial situation as there is a tax refund reserve to ensure refunds are paid out quicker.  Adelup noted that this was made possible with strong fiscal discipline and the sacrifices of Government of Guam employees.

Although staffers are caught up with 2012 returns, Rev & Tax is already gearing up for the new tax season. Camacho added, "People are going to be anxiously filing January 1. I know a lot of them are expecting their refunds early as what we did this year, first come first basis so lots of people going to be filing early. The earlier the better for them. We will go first in/first out."

Camacho says with the assistance of a vendor, the agency will begin processing 2013 tax returns in the first or second week of January. "This year we were averaging $2.5 million in claims a day for the month of February that's a lot of returns that are being filed. Generally we pay out 44,000-45,000 taxpayers on a yearly basis," he said.

Camacho says those who have returns with errors, should have received a letter notifying them of the issues with their returns.

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