The Togiola administration in American Samoa has moved to equal the playing field for businesses owned by foreign corporations, like ANZ Amerika Samoa bank.
It has submitted to the Fono special session which began this week, a bill that would remove the requirement that companies owned by foreign corporations pay a 30% withholding tax for any payments repatriated to their parent company.
Governor Togiola says there is an opportunity for American Samoa to assist the banking and finance industry by amending American Samoa's tax code to provide greater access to loan monies.
He says this requires the government to treat U.S. territories such as Guam and their corporate citizens in the same manner as U.S. states and their corporate citizens.
