Previous Story
Atalig says $5M rebate checks sent out
|
Posted on Sep 16 2005
Finance Secretary Fermin M. Atalig said that the government has actually paid out some $5 million, not $2 million as earlier stated, for 2004 rebate checks since end of July this year.
Atalig made the correction yesterday following a review of processed documents.
“We’re actually ahead of last year’s figure. As of now, we’ve sent out $5 million,” he said.
Atalig also projects that the department would finish paying out the 2004 rebates by June 2006.
“I believe it would be easier because there’s less liability now, lesser amount we need to return,” he said.
The department said that some taxpayers opt to let go of rebates in exchange of reduced withholding income tax.
The department began releasing 2004 rebates beginning July 15 this year.
The department said that since fiscal year 1996, the government pays off tax rebates a year later since no deposits had been made to the Rebate Trust during FY 1995 due to the repeal of the law.
The law, however, was reinstated a few months after its repeal.
Meantime, the Tax and Revenue Division had said that the release of rebates checks is based “on earliest filing date of the tax return.”
The CNMI government returns some
20 million in people’s taxes in the form of rebate and refunds every year. (Liberty Dones)
