- Category: Guam News
- Written by Kevin Kerrigan
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According to the audit, the reason is because of a breakdown in DRT’s system and optical image scanner, along with the expiration and termination of the service agreement with the contracted vendor.
As a result, the audit states, GovGuam is at risk of losing revenue due to possible non-reporting and under reporting of GRT. And according to the audit, Rev & Tax has no system in place to track the number and amount of exemptions being claimed by Guam taxpayers and therefore the financial impact on GovGuam revenue is unknown.
* GRT and exemption data is incomplete, possibly unreliable, and lacking necessary information for management and elected leaders to make sound decisions related to GRT.
* Without DRT effectively monitoring, reporting, and collecting GRT and reviewing exemptions claimed, there is no assurance that all GRT revenues are being collected and reported completely and accurately.
* The issue of DRT’s inability to process and assess gross receipts taxes is an urgent matter that must be addressed by management and elected leaders.
* As stated in 11 GCA § 26102 (e), the limitation of time to assess these taxes is three (3) years after the return is filed.