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Finance to release over $12M in tax rebates this weekend

THE Department of Finance said its distribution of tax rebates, refunds, and child tax will begin today, Friday.

Gov. Ralph D.L.G. Torres, in a statement, said “through the diligent efforts of Finance personnel, the commonwealth will experience an earlier release of taxes as compared to recent fiscal years.”

“I commend the Department of Finance and the hardworking employees of Revenue and Taxation for their efficiency in processing tax filings as early as April to be released before the month’s end,” he added.

“The department has made real progress over the last few years in scheduled releases and assisting our community. Just two years ago, Finance initially released $9.9 million in early June and $11.7 million in 2017 just past the midpoint of May. I thank our Division of Electronic Data Processing and the CNMI Treasury for their hard work. I also appreciate our community’s cooperation and patience as we move forward.”

 Secretary of Finance Larrisa Larson said the first batch is comprised of all filers who filed on time and are clear of any errors and fees.

Larson said the current batch of filers are those who were cleared as of Tuesday, May 8, 2018.  The rebates of those who filed after May 8, 2018 will be released in the very near future.

“I thank our Finance personnel under the Division of Revenue and Taxation, CNMI Treasury and Division of Electronic Data Processing for collaborating and honing in on improving our data and financial processing. Our department extends our appreciation to Governor Torres for his continued foresight. We are excited for the release of these much anticipated checks,” Larson said.

She added that Saipan refunds will be released through mail, while Tinian and Rota will be released at their Finance offices.

Larson said any issues from prior year tax filings are still pending may delay the release of tax checks. She reminds filers to clear those prior year items at their earliest convenience.

According to Finance, of the first batch of refunds and rebates, $5,771,435.05 will be released for Saipan; $397,998.64 for Tinian; and 430,917.53 for Rota. A total of $4,954,530.48 for Child Tax Credit will also be released as well as $490,199.35 for tax loans through Bank of Saipan and Express Financial.

“As taxpayers clear the pending items on the remaining tax returns, the Department of Finance will continue release of pending refunds/rebates/child tax and American Opportunity Tax Credits,” the department stated.

“All taxpayers are asked to allow two weeks’ time for the U.S. Postal Service to sort and distribute mail.”

If you have not received your tax refund/rebate/child tax checks by June 1, 2018, contact the Division of Revenue and Taxation to clear any issues that may be pending.

Additionally, “if any taxpayer has not received their refund/rebate/child tax from calendar year 2016 and earlier, submit tax documents at the Division of Taxation and Revenue as soon as possible to resolve any pending tax issues.”

For more information, call the Division of Revenue and Taxation at 664-1000/40.

Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/104364-finance-to-release-over-12m-in-tax-rebates-this-weekend

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