Guam § 80108 - Qualifications.

§ 80108. Qualifications.

(a) To qualify for any tax exemptions or benefits provided for in this

Chapter, the Beneficiary must be a resident business enterprise. AResident

business enterprise,@ as used in this Subsection, means a business

concern which is all of the following:

(i) at least seventy-five percent (75%) owned by one (1) or

more bona fide residents of Guam, or in the case of a publicly

owned business, at least seventy-five percent (75%) of the stock of

which is owned by one (1) or more bona fide residents of Guam;

(ii) managed by, and the daily business operations are

controlled by, one (1) or more bona fide residents of Guam;

(iii) a domestic corporation with its home office located on

Guam;

(iv) a bona fide resident of Guam for the purposes of this

COL 041309

Chapter is anyone who has been domicile on Guam for at least ten

(10) consecutive years; and

(v) must be an entity licensed to do business on Guam for at

least five (5) years and in good financial standing certified by the

Department of Revenue and Taxation.

(b) Notwithstanding any other provision of law, all tax exemptions

and benefits under this Chapter shall be immediately revoked if the

Beneficiary fails to comply with any of the conditions and qualifications

set forth in this Chapter. If benefits and tax exemptions are revoked

pursuant to this Section, all entitlements to tax rebates or tax abatements

shall be immediately forfeited. In addition, the Beneficiary shall be

mandated to reimburse the government of Guam for all benefits received

while such Beneficiary was found to be in non-compliance, regardless of

whether or not a certificate of compliance was issued pursuant to this

Chapter.

----------

COL 041309