In a letter to Congress leaders, Toribiong said that the estimated FY 2009 revenue was $39 million and now it is estimated that at best the revenue by Sept. 30, 2009 is only $35 million.
The president in his letter further said that there are other serious budgetary challenges that need to be addresses by the two branches of the government.The president said the review can be expedited through a task force.The issues that the president brought up were the government’s prior debts in the sum of $3 million; funding for 2010 Micronesian Games which Palau will be hosting.The president said the task force should also discuss the Foreign Investment Board (FIB) legal framework and tax law collection of taxes.“We should look for ways and means to expand our tax base to increase our tax revenues and create more private sector jobs.The president also noted that the social security and pension plan laws should also be discussed.
