Guam Receipt of Payment for Obligation
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How to fill out Receipt Of Payment For Obligation?
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FAQ
The Guam Code states that the BPT tax rate to be levied, assessed, and collected on contractors is 4 percent of the contractor's gross income for goods and services performed. The BPT applies to all persons or contractors doing work on Guam, whether or not their business is located on the island.
The Sales Tax Rate in Guam stands at 2 percent.
The income tax is the major tax in Guam, providing 60 percent of its locally collected tax revenues. These revenues are supplemented by the transfer from the Federal treasury to the Guam treasury of Federal income taxes withheld from U.S. military and civilian personnel stationed in Guam.
Guam also has a Business Privilege Tax, which is 5% of gross sales.
Tax havens can offer rebates for taxes or tax incentives for attracting outside investment. Example countries that also rank high in secrecy and have low-to-no taxes are the British Virgin Islands, Bermuda, Guam, Taiwan, and Jersey.
The Use Tax Law is outlined in Chapter 28 of Title 11 GCA and states that every person who imports into Guam, or acquires in Guam from any other person, any property for his use or consumption shall be subject to 4% Use Tax based on the landed value of such property. This is not applicable to items imported for resale.
Personal and Corporate Income Tax Bona fide residents of Guam are subject to special U.S. tax rules. In general, all individuals with income from Guam will file only one return?either to Guam or the United States. If you are a bona fide resident of Guam during the entire tax year, file your return with Guam.
Guam will rebate 75% of income taxes for 20 years on income from qualifying Guam businesses. If the business is conducted as an "S" corporation, the rebate is available to shareholders.
