31 May 2013

Corporate and tabacco taxes boosts American Samoa govt revenue

11:35 am on 31 May 2013

Corporate tax payments and money from the Tobacco and Toyota settlements in American Samoa have helped boost government revenue in the second quarter of the current fiscal year.

The Treasury department reports corporate taxes were budgeted at seven million US dollars but it is now forecasting to collect 13 million by the end of the fiscal year.

Treasury has already collected almost seven million in corporate taxes, halfway into the fiscal year.

The Treasurer, Magalei Logovii says the government received two huge payments from Starkist and ANZ Bank and more corporate tax payments are expected before the fiscal year is over.

Mr Logovii says the usual annual budget for corporate taxes is around 10 million US dollars.