THE Legislature should be more creative in generating revenue for the CNMI, Gov. Ralph DLG Torres said.
But he also said that he will support the tax hikes on tobacco and beverages proposed in the Fiscal Year 2023 budget bill that was passed by the House of Representatives and is now with the Senate.
“It’s not just [about] increasing taxes [though],” Torres said. “I’ve asked the Legislature to be creative and invite investors in.”
He said lawmakers should consider how to make the CNMI more business-friendly through, among other things, providing incentives to big corporations interested in investing in the Commonwealth.
Torres said increasing taxes is not going to help revive the local economy.
What the CNMI needs is more visitors to the islands which may require incentives to airlines.
“This is one step to increase [government] revenue,” he said, referring to the proposed tobacco and beverage tax hike. “But again, the money still circulates here. Now if we give incentives to big corporations to come in, then that’ll bring in new money and perhaps create new jobs.”
Torres said the Legislature should look into giving tax incentives to businesses such as new or existing airlines, restaurants, and related establishments to help revive the economy and create new jobs in the CNMI.
The Democratic candidate for governor, Rep. Tina Sablan, said the proposed tobacco and beverage tax hike would help fund the Commonwealth Healthcare Corporation’s operations and improvement in the delivery of healthcare, for inter-island referral as well as preventive services and public health initiatives.
