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Guam

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About

Guam

Capital
Official languages
Population 
Currency

ISO 4217

Hagåtña

English and Chamorro

164,000

United States Dollar

USD

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Economy

"Guam is an unincorporated territory of the United States located in the western Pacific Ocean. It is a popular tourist destination and has a thriving economy. According to the Bureau of Economic Analysis, Guam’s Gross Domestic Product (GDP) was estimated to be $5.3 billion in 2019. This was a 3.2% increase from 2018. The main contributors to the GDP were the services sector (which accounted for 68.2%), followed by the government sector (17.2%) and the goods-producing sector (14.6%).

The unemployment rate in Guam was estimated to be 6.2% in 2019, which was a decrease from the previous year. The labor force participation rate was estimated to be 56.2%, which was a slight increase from 2018.

The median household income in Guam was estimated to be $50,845 in 2019, which was a 3.2% increase from 2018. The poverty rate in Guam was estimated to be 11.2%, which was a decrease from the previous year.

Overall, Guam has a strong and growing economy. The GDP has been steadily increasing over the past few years, and the unemployment rate has been decreasing. The median household income has also been increasing, and the poverty rate has been decreasing."

Taxation

In Guam, both corporate and personal taxation is levied by the government. 


Corporate taxation:

- The corporate tax rate in Guam is 5% for businesses with annual gross income of $50,000 or less, and 35% for businesses with annual gross income over $50,000.

- Corporations are required to file their tax returns within three months after the end of their fiscal year.

- Quarterly installments of corporate taxes are also required to be paid.


Personal taxation:

- Personal income tax rates in Guam are progressive, with rates ranging from 4% to 8.3%.

- Individuals are required to file their tax returns by April 15th of the following year.

- Like corporations, individuals are also required to make quarterly tax payments.


The tax payment process in Guam involves several steps:

1. Register with the Department of Revenue and Taxation (DRT).

2. Obtain a tax identification number (TIN) from the DRT.

3. Keep accurate records of all income earned and expenses incurred.

4. Calculate the amount of tax owed based on the relevant tax rates and deductions.

5. Make quarterly tax payments by the due dates, either online or in person at the DRT office.

6. File annual tax returns by the due date, either online or in person at the DRT office.


The tax calendar for payments in Guam is as follows:

- Quarterly payments: April 30th, July 31st, October 31st, and January 31st.

- Annual tax returns: April 15th of the following year.


It's important to note that failure to pay taxes on time can result in penalties and interest charges. Therefore, it is important to keep track of all tax obligations and to make timely payments.

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