GOVERNOR Ralph DLG Torres said many businesses have been requesting an extension in the payment of excise taxes.
Whether the businesses are restaurants, hotels, apartments, or those involved in construction, the main issue they are facing is that the tourism industry is still in a limbo because of the Covid-19 pandemic.
The governor said if the government can assist its private partners, it should.
“I hope that we can come to an amenable solution and a middle ground to help our businesses so that they can continue to [remain afloat], and hopefully by the time our tourists come back, we [will be] better,” he said.
He hopes that the Department of Finance and the Division of Customs can come up with a formula that will assist everyone across the board and grow the economy.
On April 1, 2021, Customs met with importers, taxpayers and their agents to explain the new law requiring the payment of excise tax prior to the release of cargo.
Importers, however, may apply for a 30-day grace period provided they meet the following conditions: possess a CNMI business license for at least two years; a valid tax identification number; a minimum of one-year compliance with Customs import laws and regulations; and a two-year tax clearance from the Division of Revenue & Taxation.