2 Feb 2005

American Samoa Senate appropriates funds for new simplified tax bill

9:51 am on 2 February 2005

A bill which had its first reading on the Senate floor in American Samoa yesterday appropriates 100,000 U.S. dollars for a Certified Public Accountant to prepare a simplified tax code for the territory.

The bill calls for competitive bidding to make an appointment.

According to the bill, the accountant will have to draw up a simplified tax code for the Fono to minimize the difficulties local taxpayers face in filing their taxes, while ensuring that government revenues will be maintained.

The sponsors of the bill envision that the tax code will no longer allow deductions for expenses but will allow exemptions for individual taxpayers with more than five children under 18.

The code is to be completed after 180 days after the bid has been awarded, and the contract amount cannot exceed 100,000 US dollars.

The money will come from the Hurricane Val Insurance settlement .