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Close to $18M tax rebate, other checks released
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Posted on Apr 12 2012
By Haidee V. Eugenio
Reporter
Reporter
Finance Secretary Larrisa Larson said yesterday that the Division of Revenue and Taxation will be open this Friday “to give taxpayers an additional day to file their tax returns” ahead of the April 17 deadline for filing 2011 tax returns.
Larson Finance expects some 20,000 income tax returns to be filed this year.
This will only be the extra Friday that Rev&Tax will be open to help handle the expected surge in last-minute tax filers this year.
Tuesday’s deadline for filing 2011 tax returns comes at a time when the government has released 75 percent of 2010 tax rebate/refund checks.
Larson said the government has released close to $18 million in tax refund/rebate checks, federal stimulus or the Making Work Pay Credit checks, and child tax credit checks this year.
“We are still clearing errors with tax payer filings and as those errors are fixed, we work on release of the rebates/refunds. The deadline to pay depends upon how long it takes taxpayers and/or employers of taxpayers to fix these errors,” Larson told Saipan Tribune.
A refund is for tax that has been overpaid or incorrectly paid, and is returned to the taxpayer, while rebate is for tax properly paid and is subsequently returned to the taxpayer under a rebate provision.
Lt. Gov. Eloy S. Inos separately said the government has been seeing improvements in its cash collection, that’s why payroll has been on time the past months.
For the first two quarters of fiscal year 2012, Inos said the government has been collecting the amount it projected. The fiscal year 2012 budget is $102 million.
Inos said the government expects further fiscal improvements starting in the last quarter of fiscal year 2012 with the launching of Saipan Air in July that would bring in additional tourists to the CNMI.
