In Guam, an audit report released yesterday by the office of the Public Auditor is questioning why tax waivers worth 23 and a half million dollars were granted to several businesses.
The report says that 8 million dollars of the tax credits were granted by the Guam Economic Development and Commerce Authority without ensuring that laws and regulations were followed.
Six and a half million dollars was given in connection with Guam Raceway Park development; 1 million dollars concerned a Paseo Stadium operation; and half a million involved the development of the Dededo soccer stadium.
It states that this occurred because Guam Economic Development and Commerce Authority allowed related special-interest groups to make key decisions, while the authority merely processed tax credits as a perfunctory duty and did not report on the overall program benefits, costs and the impact to government revenues.
