The Department of Finance released over the weekend the first batch of $3.4 million in regular tax refunds to 4,600 taxpayers, with over $800,000 of these funds being directly deposited into bank accounts.
The department announced the issuance of the first tranche of tax refunds in a news release last Friday.
According to Finance Secretary David DLG Atalig, the first batch is composed of filers who filed on time and are clear of any errors.
Taxpayers who opted to have a mailed refund check have to allow two weeks’ time for the U.S. Postal Service to sort and distribute the mail.
The department’s Division of Revenue & Taxation will be processing the Recovery Rebate Credit, also known as the stimulus, in a separate payment from the regular refunds. DRT anticipates nearly $400,000 in RRC payments to go out next week to over 300 taxpayers.
DRT will also begin issuing the Advance Child Tax Credit refunds simultaneously with the RRC payments and anticipates approximately $2.4 million to be issued. DOF will notify the public of the next release dates when available.
In the news release last Friday, Gov. Ralph DLG Torres reiterated his administration’s commitment to releasing tax refunds, rebates, and child tax as soon as they become available.
“Lt. Gov. [Arnold I.] Palacios and I want our hardworking taxpayers to know that this administration is taking every measure possible to get these funds in your hands, starting with this initial batch of $3.4 million in regular tax refunds. These funds will help families with children increase their ability to meet their most immediate needs, while also supporting our local businesses. Thank you to our community for their patience, and sincere appreciation to the staff of the Department of Finance for their hard work,” said Torres.
Atalig himself thanked DOF’s personnel under the Division of Revenue and Taxation, CNMI Treasury, and Division of Information Technology for their hard work ensuring that funds are processed accurately and as quickly as possible. “We are excited for the release of these funds so that families can improve their current financial situation and increase spending in our economy,” he said. (PR)