Exchange of Tax Information

Notwithstanding any other provision of law, the Tax Commissioner may make available to the properly authorized tax officials of any state, of the Federal government, or of any other territory or possession of the United States, information contained in tax reports or returns or any audit thereof or the report of any investigation made with respect thereto, filed or made pursuant to the applicable tax laws, provided such state, the Federal Government or other territory or possession grants a like privilege to Guam.

(a)Notwithstanding any other provisions of law, I Maga’hågan/Maga’låhen Guåhan, may enter into reciprocal pacts and agreements and exercise the authority and perform the duties necessary to comply therewith, with any state, the Federal government, or other territory or possession of the United States if deemed necessary or desirable to effectuate the exchange of information in connection with any matter relative to taxes in which the contracting parties may be interested.

(b)Information may be made available or furnished pursuant to this Section only if it is to be used solely for the administration of the tax laws of the state, Federal Government, or other territory or possession of the United States and only if such above-mentioned tax jurisdiction by law prohibits the unauthorized divulging of such information and imposes penalties for the violation of such prohibition.

(c)Any person who divulges, except as authorized in this Section, or when testifying in any judicial or administrative proceeding at which Guam or any of its officials, bodies or commissions, as such, are a part, any information acquired by him or another under the provisions of this Section shall be guilty of a misdemeanor.