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Regional News

Bill for tax refund donors to the Micro Games to be referred back

KOROR (Palau Horizon) – The bill providing tax refunds for donors to the 2010 Micronesian Games will be referred back by President Johnson Toribiong to the Olbiil Era Kelulau (OEK) for modification.

Toribiong said the measure, which is awaiting his signature will be returned this week with the recommendation that funds collected from the donation will go through the national treasury first.

This he said is to determine how much funds have been accumulated from the donors.

The OEK earlier earmarked an amount of $500,000 for the hosting of the Micronesian Games.

Organizers earlier said they need at least $1.6 million to host the games.

“I will approve the bill because it gives future tax revenues,” Toribiong said.

Under Senate Bill No. 8-96, SD1, HD1, taxpayers who donate $2,000 to the 2010 Micronesia Games will be entitled to a tax refund equal to 20 percent of the donation in each year following the donation, until the amount refunded equals the amounts of donated money.

Palau will host the Micro Games in August.