Cruz wants QC program audited
Guam - Vice Speaker B.J. Cruz is requesting that Public Auditor Doris Flores Brooks audit the Qualifying Certificate Program, which he says may be an overly generous loss of tax revenue. In his letter, Cruz writes that in light of the austere measures and financial challenges of the Government of Guam, we must reassess not only its essential functions but the various tax incentives continuously provided to select island businesses. He notes the last audit was done over a decade ago.
Guam Economic Development Authority administrator Karl Pangelinan agrees that the available information is outdated and that he is fully prepared to cooperate should an audit occur. "The QC beneficiaries right now total right around 20, and I didn't read the entire statement, but I think he wants to look at the benefits versus the investment here on Guam and we need to layer in the number of jobs that these companies are currently providing for Guam," he shared.
He adds qualifying certificates are an important investment tool, especially as the Calvo Administration takes these trade missions to pitch Guam as an investment destination.