31 Aug 2012

Substantial tax surplus projected for American Samoa

1:03 pm on 31 August 2012

American Samoa's Tax Office manager Melvin Joseph is projecting a substantial surplus in tax revenue in the current fiscal year 2012, which ends on September the 30th.

Mr Joseph told a Senate committee hearing that the government has budgeted for 27 million US dollars in tax collection but the current tax collection has already reached the 32 million dollar mark.

Meanwhile he has told lawmakers he believes forecast tax revenues for the coming year are too high.

The government is expecting 32 million dollars in tax revenues next year but Mr Joseph says based on current trends that is unlikely.

He says the current fiscal year was good due to federal funds for the low income housing construction programme and stimulus grants.

But he says says those funds will not be available in the coming year.