DRT reports $111M in receivables
Guam - The Department of Rev & Tax once again went before lawmakers for an oversight hearing discussing a range of issues from customer service to the business license renewal process. Director John Camacho told senators that as of yesterday, of the over 4,600 licenses, 88% of them were cleared for collection.
"As a result of that we actually closed 245 accounts or taxpayers with roughly $1.7 million that we collected during the month of July and we secured 119 installment agreements during the renewal month which we secured or collected roughly $400,000 to $500,000and secured $7.5 million receivables for those installment agreements," he said.
In regards to receivables, DRT had a balance inventory of $111 million, $8 million more than reported in February this year but $6 million less than this time last year.