Penalty for Non-Filing of Business Privilege Tax Return

(a)An annual business privilege tax return shall be filed on or before April 15 of each year for the previous calendar year by every Guam corporation or foreign corporation authorized to do business on Guam which has not filed a monthly or other tax return for or during the said previous calendar year, even for corporations without any income for said year. If a corporation fails to file such a return when required, the Director of Revenue and Taxation shall, after a hearing pursuant to the Administrative Adjudication CH. 26 BUSINESS PRIVILEGE TAX LAW Law, suspend the certificate and license, if any, of the corporation until all required tax returns are filed, and payment arrangements are made for any unpaid tax liability and penalties. In addition, there shall be imposed a penalty against said corporation by the Director of Revenue and Taxation of One Hundred Dollars ($100.00) plus One Hundred Dollars ($100.00), per month or part thereof that the filing of the business privilege tax return is delinquent.

(b)If a Taxpayer omits from Business Privilege an amount includible therein which is in excess of twenty-five percent (25%) of the amount of business privilege stated in the return, the tax may be assessed, or a proceeding in court for the collection of such tax be begun without assessment, at any time within six

(6)years after the return was filed.