DRT expects smooth transition to EIP 3

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The Guam Department of Revenue and Taxation is still awaiting approval for its plan to pay out stimulus payments.

But Rev and Tax director Dafne Shimizu says things will move fast once it’s approved.

Shimizu told Newstalk K57’s Patti Arroyo Monday morning that Rev and Tax still has about $14 million left over from the second round of Economic Impact Payments.

She said Guam was approved for about $108 million for EIP 2 and paid a little less than $80 million.

The deadline to pay out EIP 2 was last Friday.

Rev and Tax isn’t able to use that money, however, until its implementation plan for EIP 3 is approved.

On top of that, Shimizu said that the plan for EIP 3 only needed amendments to changes such as the amount paid out and the eligibility for dependents.

Because the groundwork has already been laid out by the previous two EIP plans, Shimizu said she expects a smooth transition into EIP 3.

Shimizu also encouraged people to not wait to file their 2020 tax returns.

She said that people who didn’t qualify for the last two EIPs may qualify for the next round.

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“We’re going to begin processing 2020 returns. There will be people who didn’t receive EIP 1 or 2, for whatever reason…they may have been ineligible…maybe they didn’t file returns, maybe they weren’t eligible in 2018 or 2019, but because their 2020 income has been reduced, they are now eligible for 2020,” Shimizu said.

Shimizu also wants to remind the public that the extension of the deadline to file taxes from April 15th to May 17th is for individual returns only.

The deadline for other types of taxes such as corporate taxes and estate taxes remains unchanged.

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