Guam Tax Agency Posts FAQs on Gross Receipts Tax for Small Businesses Due to Coronavirus

The Guamanian Department of Revenue and Taxation June 25 posted online FAQs on the gross receipts tax under the Limited Exemption for Certain Small Businesses (LECSB) regime, due to the coronavirus pandemic. Topics covered include: 1) a clarification of the LECSB regime and the applicable reduced tax rates, with examples; 2) gross proceeds from activities that qualify for the LECSB; 3) the application of the regime to the first US$500,000 of the aggregate gross proceeds for specified activities, effective Jan. 1; 4) the application of the regime to the first US$250,000 of the aggregate gross proceeds for specified activities between ...