Title 4, Economic Resources

Federal Tax Exempt Status, Preference, Protection. Bonds issued pursuant to this article, to the extent practicable, shall be issued to comply with requirements imposed by applicable law providing that the interest on the bonds shall be excluded from gross income for United State…

Bond Anticipation Notes. In anticipation of the issuance pursuant to this article of general obligation bonds authorized by the legislature and of the receipt of the proceeds of sale of those bonds, the Authority, for and in the name and on behalf of the Commonwealth, may issue a…

Refunding Bonds Authorized. (a) Subject to the other provisions of this article, the Authority, without further authorization of the legislature, from time to time, for and in the name and on behalf of the Commonwealth, may issue general obligation refunding bonds of the Commonwe…

Bonds Negotiable, Incontestable. This article, without reference to any other law except as provided herein, shall be full authority to issue or sell general obligation bonds of the Commonwealth, and the bonds and all interim receipts or certificates shall have all the qualities …

Definitions. For purposes of this chapter: (a) “Ad valorem” means the value of goods, commodities, resources or merchandise. (b) “Alcoholic beverage” means beer or other malt beverage, distilled alcoholic beverage, wine or sake and any other beverage, which contains at least 0.5 …

Excise Tax. (a) General. For the privilege of first sale, use, manufacture, lease or rental of goods, commodities, resources, or merchandise in the Commonwealth for business purposes or for personal use exceeding the value specified in subsection (c) of this section, there is imp…

Fuel Tax. (a) Liquid Fuel Tax. Except as provided in subsection (b) and (c) of this section, for the privilege of first selling or distributing fuel in the Commonwealth, there is imposed an excise tax at the rate of 15 cents per gallon. (b) Aviation Fuel Tax. For the privilege of…

Fuel Tax Exemption. The secretary may by regulation reduce or waive the fuel tax imposed under 4 CMC § 1403 where: (a) The price of aviation fuel without the aviation fuel tax would be more competitive than the price of aviation fuel elsewhere and the airline would purchase the a…

Beverage Container Tax. (a) Soft Drink Beverage Containers. There is imposed a tax upon all soft drink beverage containers in the amount of five cents per container. (b) Alcoholic Beverage Containers. There is imposed a tax upon each container of any alcoholic beverage in the amo…

Exemption. Any goods, commodities, resources, or merchandise subject to tax under this chapter and requiring customs inspection and clearance may be exempted from such tax if such goods, commodities, resources, or merchandise is certified as damaged or not received by the carrier…

Payment of Tax; Time; Release of Goods; Container Tampering. (a) Generally. Except as provided in 4 CMC § 1407(b), all taxes required by this chapter shall be paid within 30 calendar days after the first sale, use, completion of manufacture, lease or rental in the Commonwealth of…

Refunds: Exports. Upon application to the secretary, any person who imports goods, commodities, resources, or merchandise into the customs territory of the Commonwealth for sale, use, lease or rental and exports them to a buyer outside of the customs territory of the Commonwealth…

Refunds: Limitation Period. Application for refund pursuant to 4 CMC § 1408 shall be filed with the secretary within one year from the date the tax was paid or required to be paid or goods, commodities, resources, or merchandise entered the Commonwealth, whichever is earlier. Sou…

Declaration Required. Any person who imports any goods, commodities, resources, or merchandise from outside the Commonwealth and is subject to excise tax imposed on those goods, commodities, resources, or merchandise by this chapter shall declare the entry of such goods, commodit…

Environmental Beautification Tax. (a) Notwithstanding any other provision of law, a tax at the rate of .42 percent ad valorem is hereby assessed on all consumer goods as defined in § 1401(f). The tax shall be collected by the Division of Customs at the point of entry. (b) The Env…

Penalties. The following penalties for this chapter are in addition to the other penalties provided by this division: (a) A penalty of 100 percent of the value of the goods, commodities, resources, or merchandise shall be imposed on any person who imports any goods, commodities, …

User Fees. Any person requiring the certification of the Department of Finance for country of origin or other purposes relating to exports from the Commonwealth shall be charged a user fee. The user fee shall be 3.7 percent of the gross value of the merchandise to be certified wh…

Nonrefundable Credit. A person may take the user fee imposed under 4 CMC § 1421 as a nonrefundable credit against the tax imposed on Commonwealth source income under Subtitle A of the NMTIT pursuant to chapter 7 of this division [4 CMC § 1701 et seq.]. No such credit shall be all…

Authorization. The secretary or his designee is hereby authorized to collect the fees provided in 4 CMC § 1421 when due and collectible. Source: PL 9-22, § 1 (§ 1422) (repealing PL 4-14, § 2); renumbered by PL 9-57, § 2. Commission Comment: With respect to the reference to the “s…

Penalty. Any failure to comply with the provisions of this article shall be subject to a civil penalty not to exceed $10,000 as may be determined by the secretary. This penalty is in addition to the other penalties provided by this division, and is not an assessable penalty subje…

Regulations. The secretary or designee may promulgate regulations consistent with the purposes of this article. Source: PL 9-59, § 2. Commission Comment: With respect to the reference to the “secretary” of the Department of Finance, see Executive Order 94-3 (effective August 23, …

No Double Taxation. Manufacturers (as defined in 4 CMC § 1103(n)) that pay the user fee set forth in this Article on goods produced or manufactured in the Commonwealth and exported shall not be subject to the Tax on Gross Revenue or Earnings set forth in Title 4, Division 1, Chap…

Definitions. When used in this Act, the following terms have the meanings indicated: (a) “Board” means the CNMI Board of Accountancy established under section 3402 of this Act. (b) “Certificate” means a certificate as “certified public accountant” issued under section 3422 of thi…

CNMI Board of Accountancy. (a) There is hereby created the CNMI Board of Accountancy, which shall have responsibility for the administration and enforcement of this Act. The Board shall consist of five members, appointed by the Governor, all of whom shall be residents of the CNMI…

Appointment of Secretary of Commerce as Agent. Application by a person or a firm not a resident of the CNMI for a certificate under section 3422 of this Act or a permit to practice under section 3423 shall constitute appointment of the Secretary of Commerce as the applicant’s age…

Confidential Communications. Except by permission of the client engaging a licensee under this Act, or the heirs, successors, or personal representatives of such client, a licensee or any partner, officer, member, manager, shareholder, or employee of a licensee shall not voluntar…

Licensees’ Working Papers; Clients’ Records. (a) All statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager or employee of a licensee, incident to, or in the course of, rendering services to a…

Qualifications for a Certificate as a Certified Public Accountant. (a) The certificate of “certified public accountant” shall be granted to persons of good character who meet the education, experience and examination requirements of the following subsections of this section and w…

Issuance and Renewal of Certificates. (a) The Board shall grant or renew certificates to persons who make application and demonstrate that their qualifications, including where applicable the qualifications prescribed by section 3421, are in accordance with the following subsecti…

Firm Permits to Practice. (a) The Board shall grant or renew permits to practice public accountancy to firms that make application and demonstrate their qualifications therefore in accordance with the following subsections of this section. A firm must hold a permit issued under t…

Reinstatement. (a) In any case where the Board has suspended or revoked a certificate or a permit or registration or refused to renew a certificate, permit, or registration, the Board may, upon application in writing by the person or firm affected and for good cause shown, modify…

Enforcement Procedures: Investigations. (a) The Board may, upon receipt of a complaint or other information suggesting violations of this Act or of the rules of the Board, conduct investigations to determine whether there is probable cause to institute proceedings under sections …

Enforcement Procedures: Hearings By the Board. (a) In any case where probable cause with respect to a violation by a licensee has been determined by the Board, whether following an investigation under section 3431 of this Act, or upon receipt of a written complaint furnishing gro…

Enforcement Against Holders of Certificates, Permits, and Registrations. (a) After notice and hearing pursuant to section 3432 of this Act, the Board may revoke any certificate, permit, or registration issued under sections 3422 or 3423 of this Act, suspend any such certificate, …

Unlawful Acts. (a) No person or firm not holding a valid certificate, permit or registration issued under sections 3422 or 3423 of this Act shall issue a report on financial statements of any other person, firm, organization, or governmental unit. This prohibition does not apply …

Injunctions Against Unlawful Acts. Whenever, as a result of an investigation under section 3431 of this Act or otherwise, the Board believes that any person or firm has engaged, or is about to engage, in any acts or practices which constitute or will constitute a violation of sec…

Criminal Penalties. (a) Whenever, by reason of an investigation under section 3431 of this Act or otherwise, the Board has reason to believe that any person or firm has knowingly engaged in acts or practices that constitute a violation of section 3434 of this Act, the Board may b…

Single Act Evidence of Practice. In any action brought under sections 3432, 3435, or 3436 of this Act, evidence of the commission of a single act prohibited by this Act shall be sufficient to justify a penalty, injunction, restraining order, or conviction, respectively, without e…

Privity of Contract. (a) This section applies to all causes of action of the type specified herein filed on or after the effective date. (b) This section governs any action based on negligence brought against any accountant or firm of accountants practicing in the CNMI by any per…

Uniform Statute of Limitations. (a) This section applies to all causes of action of the type specified herein filed on or after the effective date. (b) This section governs any action based on negligence or breach of contract brought against any accountant, or any accounting firm…

Proportionate Liability. (a) This section applies to all causes of action of the type specified herein filed on or after the effective date. (b) This section governs any claim for money damages brought against any accountant; or any accounting firm registered, licensed, or practi…

Corporate Name. (a) A corporate name: (1) Must contain the word “corporation,” “incorporated,” “company,” or “limited,” or the abbreviation “corp.,” “inc.,” “co.,” or “ltd.,” or words or abbreviations of like import in another language; and (2) May not contain language stating or…

Reserved Name. (a) A person may reserve the exclusive use of a corporate name, including a fictitious name for a foreign corporation whose corporate name is not available, by delivering an application to the Registrar of Corporations for filing. The application must set forth the…

Registered Name. (a) A foreign corporation may register its corporate name, or its corporate name with any addition required by 4 CMC § 4646, if the name is distinguishable upon the records of the Registrar of Corporations from the corporate names that are not available under 4 C…

Form of Contribution. A contribution of a member of a limited liability company may consist of tangible or intangible property or other benefit to the company, including money, promissory notes, services performed, or other agreements to contribute cash or property, or contracts …

Member’s Liability for Contributions. (a) A member’s obligation to contribute money, property, or other benefit to, or to perform services for, a limited liability company is not excused by the member’s death, disability, or other inability to perform personally. If a member does…