12 Guam Code Ann. § 58130
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Terms Used In 12 Guam Code Ann. § 58130
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A rebate of up to seventy-five percent (75%) of the income tax paid by the shareholders of a corporation on the dividends of that corporation may be granted for a period not to exceed five (5) consecutive years; provided, however, that the corporation paying the dividends is the Beneficiary of a Qualifying Certificate and that the dividends are being paid from the corporation’s earnings on activities identified in the Qualifying Certificate which were received, on a cash basis, during the five (5) year period.