Guam Shipyard owes $4.2M in Corporate Taxes

Guam Industrial Services (aka Guam Shipyard) owes the Government of Guam $4,255,570.74. Department of Revenue & Taxation filed a tax lien showing that the Guam Shipyard owes over $4.2 million in back taxes for the years 2005, 2006 and 2007.

At issue is the status of Guam Shipyard's qualifying certificate, a document that grants them major tax breaks, the program was designed to encourage investors with tax rebates if they met certain requirements, such as offering a set number of jobs. But handwritten amendments made by former Gov. Carl Gutierrez caused GEDCA to reject the shipyard's qualifying certificate. According to spokesperson Rita Nauta, GEDA never issued any certificates of notices of compliance to Rev & Tax.

"...what's interesting to note is that its corporate taxes that they owe, corporate taxes are usually what qualifying certificates give rebates for."

http://www.kuam.com/bm/news/guam-shipyard-owes-4m-in-corporate-taxes.shtml
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