12 Guam Code Ann. § 70105
Terms Used In 12 Guam Code Ann. § 70105
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
same requirements of a Beneficiary of a Qualifying Certificate (>QC=) as
set out in Title 12 Guam Code Ann. §§58116 through 58119.
(b) Use Tax. The owner of a hotel or tourist facility constructed under a contract, the proceeds from which have been exempted under this Section from the tax imposed under Article 2 of the Business Privilege Tax law, shall be exempted from the Guam Use Tax Law, with respect to the property used to construct, furnish and equip the hotel or tourist facility, for a similar period.
(c) Offset of Taxes if Paid. In the event the contractor, supplier or owner, otherwise eligible for the tax exemptions authorized by this
Section, has paid the taxes because the Corporation=s rules and
regulations had not been adopted and promulgated at the times the taxes
were required to be paid, such contractor, or supplier or owner shall be entitled to an offset of such taxes against future taxes, without interest,
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 70 HOTEL DEVELOPMENT
on presentation to the Director of Revenue and Taxation of a certificate of exemption issued by the Corporation to such contractor, supplier or owner.
SOURCE: GC §53609.4, as added by P.L. 16-87. Amended by P.L., 23-135:5. Amended by P.L. 24-266:1.