Finance collects $2M from tax amnesty

Posted on May 10 2005

The Department of Finance has met its projected collection of some $2 million under its tax amnesty program, according to department chief Fermin M. Atalig.

“That’s pretty much our target. That’s what we expected to collect,” said Atalig.

Gov. Juan N. Babauta signed House Bill 14-114 into law last year, which provided for a 120-day tax amnesty period that ended on Jan. 19 this year.

During that time, the government allowed delinquent taxpayers to settle their tax obligations with waived interests and charges.

The bill, which became Public Law 14-28, increased the government’s projected revenue for fiscal year 2005 by some $2.1 million.

The additional projected amount prompted the Legislature to eventually raise the proposed appropriation for fiscal year 2005 to $217 million.

The budget, however, was vetoed by the governor last January.

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