Introduced by Rep. Edmund S. Villagomez, Covenant-Saipan, House Bill 17-163 now goes to the governor.
With Reps. Janet U. Maratita, R-Saipan, Teresita A. Santos, Ind.-Rota, and Froilan C. Tenorio, Covenant-Saipan, absent, all the 17 representatives voted to approve conference committee report that recommends the passage of H.B. 17-163 which seeks to entice foreign companies into the CNMI through a low tax rate.
The measure ended in the conference committee after the Senate inserted amendments that the House did not like.
The conference committee was composed of House Ways and Means Committee Chairman Ramon S. Basa, Covenant-Saipan, Vice Speaker Felicidad T. Ogumoro, Covenant-Saipan, Rep. Fredrick P. Deleon Guerrero, Ind.-Saipan, Senate Floor Leader Pete P. Reyes, R-Saipan, Senate Fiscal Affairs Committee Chairwoman Jovita M. Taimanao, Ind.-Rota, and Sen. Henry H. San Nicolas, Covenant-Tinian. They finally came up last week with a version accepted by both houses.
Once the bill becomes law, foreign operation corporations will be exempted from the business gross revenue tax, NMI territorial income tax and all license fees. They will pay a foreign operation corporation fee and 10 percent of foreign income only.
Basa in an interview said the Department of Commerce will be tapped to spread the news about the new tax system to the many corporations operating globally can put up their offices here.
