Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 51101 Creation of the Income Tax Refund Efficient Payment
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Trust Fund. (a) There is hereby created, separate and apart from all other funds of the government of Guam, a trust fund known as the Income Tax Refund Efficient Payment Trust Fund (‘Trust Fund’). The Trust Fund shall not be commingled with the General Fund or any other funds of …
11 GCA § 51102 Deposit of Funds
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The Director of the Department of Administration (DOA) shall directly deposit, upon receipt of any payment of income tax, including, but not limited to, individual, corporate and withholding taxes, interest and penalties, to the Trust Fund a portion of the tax payment received to…
11 GCA § 51103 Expenditures from the Trust Fund
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In order for I Liheslaturan Guåhan to make the proper legislative appropriation pursuant to § 51101(a) of this Chapter, the Tax Commissioner shall submit to I Liheslaturan Guåhan [Guam Legislature] on the 15th day of January each year a detailed budget request of itemized cost of…
11 GCA § 51104 Contracts
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If the Department of Revenue and Taxation chooses to enter into contracts with temporary income tax returns processors, the Department of Revenue and Taxation shall promulgate rules and regulations governing the contract. The processors under contracts shall be deemed independent…
11 GCA § 51105 Prohibitions Against Encumbrances
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Any and all expenditures from the Trust Fund shall be for the payment outlined in § 51103, and for no other purpose. The Trust Fund shall not be subject to or permit I Maga’lahen Guåhan to pledge the Trust Fund for payments or repayments of any government of Guam general fund obl…
11 GCA § 51106 Reports
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(a) Monthly Reporting. The Tax Commissioner and the Director of Administration shall report to I Maga’lahen Guåhan and I Liheslaturan Guåhan regarding the total deposits in each month and the current balance of the Trust Fund within fifteen (15) calendar days of the end of each m…
11 GCA § 51107 No Transfer Authority
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The money placed in the Trust Fund is not subject to any transfer authority of I Maga’lahen Guåhan. COL10312014 PAYMENT TRUST FUND ACT OF 2002
11 GCA § 51108 Effective Date
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The provisions of the Income Tax Refund Efficient Payment Trust Fund Act of 2002 shall be effective on October 1, 2002. ---------- COL10312014