Public forums on new alternative minimum business tax
Pago Pago, AMERICAN SAMOA — ASG Treasury Department has scheduled three public forums next month with the business community to discuss the 1% alternative business minimum tax (AMBT), which went into effect on Jan. 1 this year, after the bill was signed into law, on Oct. 30 by the governor.
The forum, or hearings, will held 2p.m. on Mar. 13, Mar. 14 and Mar. 15 at the Department of Commerce Conference room, second floor of the Executive Office Building, in Utulei, according to a brief statement from Treasury Uelinitone Tonumaipe’a.
The business community can use this forum to ask questions and raise concerns regarding this law, which ASG had claimed was necessary as many businesses have avoided paying their fair share of corporate taxes despite posting substantial annual gross revenues year after year.
Private sector executives have argued against the measure, telling lawmakers that the AMBT punishes honest businesses that pay their corporate taxes and suggested that the ASG Tax Office conduct audits of businesses suspected of being dishonest.
According to Treasury Department, seats are limited to twenty participants during the three days and the Tax Office will accommodate interested participants on a first come first serve basis.
For seating availability and other info contact: (684) 633-4181, Email: email@example.com