The Department of Finance is working to release tax rebates in the Commonwealth well before the start of the school year in September.
Finance Secretary Larrisa Larson said the department expects to release the tax rebates in July.
She said the department is working to process the early release of the rebates, but if employees have an immediate need for funds, they can apply for a bank loan “against the rebate.”
The official said the loan against the rebate can be applied at the Bank of Guam.
Larson visited the Department of Finance’s Division of Revenue and Taxation with Lt. Gov. Ralph DLG Torres who was on an official visit.
Torres said the purpose of his visit to the tax division is to meet with the staff of the division who worked extra hours on April 15, which was tax-filing day in the CNMI.
“We visited the staff and thank them for the work they have done,” Torres said, adding that the government looks to make the division income generating.
He asked the community to be patient regarding the release of the rebates and child tax, which he said the division is working on to release on time or even earlier.
Finance’s Collection and Remittance Branch, meanwhile, reported that the filing of taxes yesterday “went as expected.” The division is under the Department of Finance.
According to Richard Flores Santos, branch manager of the division’s Collection and Remittance Branch, the collections are expected to be almost the same as the last year.
He noted that there are no actual figures on the collections yet, but in terms of projection, the collections are seen to be higher next year with the influx of more workers in the CNMI.
“We are seeing a number of developments in the CNMI. If all these potential workers file their taxes here, then we might see an increase in our collections,” he said.