The CNMI ended fiscal year 2023 with an estimated $4.1-million deficit, arising from a revenue shortfall of $313,310 and over-expenditure amounting to $3.8 million, according to Gov. Arnold I. Palacios.
The House of Representatives Ways and Means Committee is in support of a bill that seeks to establish a tax credit for monetary donations made to public hospitals and/or clinics,
DESPITE the 18.1% drop in excise tax collections, the CNMI government’s revenue collection was 22.1% higher than projected in the third quarter of fiscal year 2022, Finance Secretary David DLG
THE CNMI Department of Finance-Division of Revenue and Taxation has submitted three notices of tax lien against all the properties and rights to property of Imperial Pacific International LLC in the U.S. Department of Labor consent judgment proceeding in federal court.
Assistant Attorney General Dustin Rollins on Thursday stated that in accordance with the Northern Marianas Territorial Income Tax, âa Commonwealth tax lien has priority over any lien or encumbrance not perfected prior to the Commonwealth recording its tax lien notices.â
The total amount of the tax lien against IPI is $10,405,815.88.
Richard F. Santos, collection and remittance branch manager of the CNMI Division of Revenue and Taxation, said taxes (including interest and penalties) have been assessed against IPI, adding that âdemand for payment of this liability has been made but it remains unpaid.â
THE CNMI government’s revenue collection for the first quarter of fiscal year 2021 suffered a 3% drop only, thanks to the federal Pandemic Unemployment Assistance and Federal Pandemic Unemployment Compensation