Determination of Income

For the purposes of this Section, the term “income tax paid” shall mean income taxes paid on income received on or after the effective date of the applicable Qualifying Certificate. The Director of Revenue and Taxation of the government of Guam shall have authority to determine any prorations of rebates necessary because of taxable years occurring within the life of the applicable Qualifying Certificate which consist of less than a full twelve

(12)months. CH. 58 QUALIFYING CERTIFICATES