FINANCE Secretary Frankie B. Villanueva yesterday said despite the government’s current cash flow situation, refunds and rebates for corporate and individual tax filers will be issued “on time.”
“The Department of Finance is not being affect right now. We have been managing cash as best as we can,” Villanueva told Variety.
He admitted that the $12.483 million shortfall in the first six months of fiscal year 2002 total revenue collection was unexpected.
The estimated revenue from Oct. 1, 2001 to March 31, 2002 was $104.864 million. However, only $92.380 million was collected.
Villanueva said the shortfall was a result of the post-Sept. 11 drop in business activities.
Specifically, there was a $7.288 million shortfall in income tax collection. Excise tax collection was short of $1.296 million. Collection in other taxes was also down by $1.771 million.
Villanueva said despite this situation, the issuance of the refunds and rebates to corporate and individual filers will not be affected.
Villanueva said refunds for individual filers will be given “on or before June 1.”
He will also ensure that rebates are issued before Oct. 15.
It will be a “first come, first serve basis,” he said.
In related news, Villanueva said out of the $2.066 million in local poker fees available for various Saipan projects, only $250,000 has not been unappropriated.
Gov. Juan N. Babauta recently signed four local bills appropriating $1.986 million for various Saipan projects.
