top of page
  • Writer's pictureAdmin

15,000 small businesses to get tax cut if bill is signed into law

By Pacific Island Times News Staff

Guam senators on Friday passed a bill that would permanently increase the revenue threshold, or the amount of gross receipts eligible, for a 3 percent business privilege tax rate instead of the full 5 percent.

Under current law, businesses are only eligible for the BPT reduction on the first $250,000 of their gross receipts, provided their gross annual income is between $50,000 and $500,000 during the most recent tax year.

Bill 202-36, introduced by Sen. Mary Torres, would raise the threshold to the first $500,000, doubling the gross receipts eligible for a reduction in taxes.


“At the height of this pandemic, one in four of our local businesses faced closure, leaving the backbone of our economy at risk of breaking,” Torres said. “By permanently expanding the reduced BPT rate, Bill 202 will allow small business owners to keep more of their hard-earned money."

If enacted, the measure will go into effect on July 1st of this year.

Subscribe to

our digital

monthly edition

1 Comment

Aug 17, 2022

Thank you, this is a very useful topic! By the way, I would like to recommend Paul Mankin, he is an experienced lawyer and professional, I have been working with him for several years now, and more than once he has solved my problems with maximum benefit to me. So please don't hesitate to contact him if you need anything!

bottom of page