12 Guam Code Ann. § 80108
Terms Used In 12 Guam Code Ann. § 80108
- 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.
concern which is all of the following:
(i) at least seventy-five percent (75%) owned by one (1) or more bona fide residents of Guam, or in the case of a publicly owned business, at least seventy-five percent (75%) of the stock of which is owned by one (1) or more bona fide residents of Guam;
(ii) managed by, and the daily business operations are controlled by, one (1) or more bona fide residents of Guam;
(iii) a domestic corporation with its home office located on
Guam;
(iv) a bona fide resident of Guam for the purposes of this
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 80 COMMUTER AIR SERVICES DEVELOPMENT
Chapter is anyone who has been domicile on Guam for at least ten
(10) consecutive years; and
(v) must be an entity licensed to do business on Guam for at least five (5) years and in good financial standing certified by the Department of Revenue and Taxation.
(b) Notwithstanding any other provision of law, all tax exemptions and benefits under this Chapter shall be immediately revoked if the Beneficiary fails to comply with any of the conditions and qualifications set forth in this Chapter. If benefits and tax exemptions are revoked pursuant to this Section, all entitlements to tax rebates or tax abatements shall be immediately forfeited. In addition, the Beneficiary shall be mandated to reimburse the government of Guam for all benefits received while such Beneficiary was found to be in non-compliance, regardless of whether or not a certificate of compliance was issued pursuant to this Chapter.
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