by Mindy Aguon

Guam - The Department of Revenue & Taxation is paying out an average of $400,000 in past due tax refunds each week. Agency director John Camacho says Rev & Tax is also working on processing 2010 tax returns. The department estimates that there were 46,000 returns that were filed and that so far his staff has processed more than 16,000 of them.

Camacho said, "We're processing on a weekly basis, taking into account working 8-5 then 2 hours at night Monday through Thursday and then on a Saturday we're looking at processing anywhere between 4,000-5,000 returns. So the projection we're looking is that at we should be able to finish whatever was filed in August and what was filed in August in September."

The Calvo Administration is looking to obtain a $336 million bond to pay tax refunds that are owed to residents as well as to pay down some of the other obligations of the government. Officials are hoping to obtain the bond in the fall in time for checks to be cut before Christmas.