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Guam tobacco distributors back increase in tax‑stamp discount to 3.75% amid high equipment and operating costs
Summary
Testimony at a Feb. 12 hearing on Bill 2‑05‑38 said the current 0.4% discount for affixing tobacco tax stamps is insufficient; distributors and the Department of Revenue and Taxation support a 3.75% discount to offset equipment, staffing and maintenance costs.
Bill 2‑05‑38, introduced by Senator Joette St. Augustine and presented Feb. 12 to the Committee on Finance and Government Operations, would amend subsection 6802(e) of Article 8, Chapter 6, Title 11, Guam Code Annotated to increase the discount for licensed tobacco distributors who affix tax stamps.
Sponsor testimony said the current statutory discount, described in the hearing as "4 tenths of 1%" (0.4%), does not cover the capital and operating costs distributors incurred to…
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