11 Guam Code Ann. § 26205
Terms Used In 11 Guam Code Ann. § 26205
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
SOURCE: Added by P.L. 19-010:20; amended by P.L. 19-013:9. Amended by P.L. 32-050:3 (July 5, 2013).
2015 NOTE: Pursuant to P.L. 29-002:VI:28 (May 18, 2007), references to Gross Receipts Tax were altered to Business Privilege Tax. Amended by P.L. 29-002:VI:28 (May 18, 2007), so that reference to Gross Receipts Tax was amended to Business Privilege Tax.
§ 26206. Penalty for Non-filing of Business Privilege Tax
Return.
An annual business privilege tax return shall be filed on or before April 15 of each year for the previous calendar year by every Guam corporation or foreign corporation authorized to do business on Guam which has not filed a monthly or other tax return for or during the said previous calendar year, even for corporations without any income for said year. If a corporation fails to file such a return when required, the Director of Revenue and Taxation shall, after a hearing pursuant to the Administrative Adjudication Law, suspend the certificate and license, if any, of the corporation until all required tax returns are filed, and payment arrangements are made for any unpaid tax liability and penalties. In addition, there shall be imposed a penalty against said corporation by the Director of Revenue and Taxation of One Hundred Dollars ($100.00) plus One Hundred Dollars ($100.00), per month or part thereof that the filing of the business privilege tax return is delinquent.
If a Taxpayer omits from Business Privilege an amount includible therein which is in excess of twenty-five percent (25%) of the amount of business privilege stated in the return, the tax may be assessed, or a proceeding in court for the collection of such tax be begun without assessment, at any time within six (6) years after the return was filed.
SOURCE: Added by P.L. 19-010:21; amended by P.L. 19-013:9. Repealed/reenacted by P.L. 24-059:IV:7.
2015 NOTE: Pursuant to P.L. 29-002:VI:28 (May 18, 2007), references to Gross Receipts Tax altered to Business Privilege Tax.