Today we filed Bill 16-35, the Guam Product Seal Tax Exemption Program. This incentive program is designed for small businesses or potential small businesses, who have turned their talents into entrepreneurship.
This legislation encourages more island residents to apply for the Guam Product Seal permit, create small businesses, and build financial independence. If we increase the number of permits, we also increase our tax base, thus take the steps into helping our economy.
Bill 16 provides a BPT Exemption of up to $1,000 annually for those Guam Product Seal permit holders. This is for those who carve sinahi’s, make homemade jam or other locally produced items. This legislation is for small businesses and we are here to help them grow. Biba Guam!