Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 34101 Statement of Legislative Purpose
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The Legislature declares it to be the purpose of the Chapter to promote the economic development of Guam by making it possible for individuals who become Guam residents to pay little income tax on their earned income derived from sources outside of Guam. Since this Chapter is not…
11 GCA § 34102 Income Tax Rebate on Certain Income; Definitions
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A rebate of seventy-five percent (75%) of personal income tax payable by resident individual taxpayers to the government of Guam on earned income derived from sources outside of Guam, the United States, its states, territories or possessions is hereby established and declared. Th…
11 GCA § 34103 Determination of Guam Residency
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COL120106 To claim the rebate authorized by this Chapter, an individual citizen of the United States shall establish to the satisfaction of the Guam Economic Development Authority (the Authority) that he has been a bona fide resident of Guam within a taxable year in which case am…
11 GCA § 34104 Definition of Earned Income
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For purposes of this Chapter, the term earned income means wages, salaries or professional fees and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services ren…
11 GCA § 34105 Treatment of Deductions
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In any case in which any amount of income is eligible for the seventy-five percent (75%) rebate, there shall be disallowed as deductions or tax credits, any expenses, losses or other items otherwise deductible properly allocable to or chargeable against the amounts so eligible fo…
11 GCA § 34106 Procedure to Claim Rebated Taxes
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COL120106 A taxpayer seeking a rebate under this Chapter shall attach to his income tax return when filing the same, a form furnished by the Guam Economic Development Authority reporting in detail all income and deductions therefrom upon which the claim for a rebate is based, wit…
11 GCA § 34107 Rebate Fund
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Deposits for income tax subject to rebate pursuant to this Chapter shall be placed in a separate account in the Treasury of Guam, herein designated as the Foreign Source Income Tax Rebate Fund. SOURCE: GC § 19906, as added by P.L. 14-32.
11 GCA § 34108 Rules and Regulations
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The Director of Revenue and Taxation and the Board of Directors of the Authority, subject to the approval of the Legislature, by resolution, are authorized and directed to make and promulgate joint rules and regulations for the purpose of implementing the provisions of this Chapt…