25,000 tax returns filed so far
Guam - Following last year's mass distribution of tax refunds and the hope of more to come following the recent signing of the Compromise Bond Bill, the Department of Revenue and Taxation has already seen thousands of residents filing their tax returns. According to director John Camacho 25,000 returns have been filed as of Monday, so he recommends people file early as it's on a first come/first serve basis. And although Bill 414 authorized $100 million in bonds, not all will toward 2011 refunds.
"There's roughly that I mention of 17,000 people that will be getting refund for 2011, it's roughly about $52 million that has been processed, so that's a number that is way up there already, so we're looking at what we estimated of $105 million that we're ready at the halfway mark," he said.
Although Governor Eddie Calvo signed Bill 414 authorizing $100 million for tax refunds, the Administration raised concern that the bond only left between $50-$60 million for refunds with other payments to the Government of Guam Retirement Fund and health insurance. Rev & Tax meanwhile is still working to find money to pay for roughly $17 million for 2010 tax returns that were filed late.
The deadline to file your taxes is Tuesday, April 17.