Guam § 51106 - Reports.

§ 51106. Reports.

(a) Monthly Reporting. The Tax Commissioner and the Director of

Administration shall report to I Maga’lahen Guåhan and I Liheslaturan

Guåhan regarding the total deposits in each month and the current

balance of the Trust Fund within fifteen (15) calendar days of the end of

each month.

(b) Monthly Audit by the OPA. The Office of Public

Accountability shall perform a monthly audit on the Income Tax Refund

Efficient Payment Trust Fund and the compliance of the Director of the

Department of Administration with § 51102 of Chapter 51 of Title 11,

Guam Code Annotated. Said audit shall include, but is not limited to,

auditing the amounts of income tax, including, but not limited to,

individual, corporate and withholding, inclusive of interest and penalties,

received by the Department of Revenue and Taxation and the deposits

made on a daily basis by the Director of the Department of

Administration and the Treasurer of Guam or any other government of

Guam agency or instrumentality to the Income Tax Refund Efficient

Payment Trust Fund.

Any bond proceeds or other deposits not related to daily revenue

collection by the government of Guam shall be delineated separately and

footnoted in said report in compliance with Internal Revenue Code

Privacy Act provisions. The OPA shall prepare and provide a written

report of compliance with § 51102 of Chapter 51, Title 11, Guam Code

Annotated, within fifteen (15) calendar days of the end of each month for

the preceding month to I Maga’lahen Guåhan, to the Speaker of I

Liheslaturan Guåhan, and to the Attorney General of Guam.

(c) Beginning with the month ended August 2012, the Director of

Administration shall submit the Income Tax Refund Efficient Payment

Trust Fund printed or online monthly bank statements to the Speaker of I

Liheslaturan Guåhan and the Office of Finance and Budget no later than

five (5) days after the end of each month.