Guam may soften tax rules to entice investment

In a bid to attract more hotel development, Guam is looking to change the qualifying certificate program, which grants tax breaks to investors to invest on the island, Pacific Daily News reports.

Guam Economic Development Authority Business Development and Marketing Manager Tina Garcia said the authority's board is reviewing the program as the GVB pushes its 2020 plan.

GEDA's board approved a $50,000 study on the island's tourism earlier this year. GEDA has reportedly attended hotel investment conferences in the region and investors have said they are looking for third-party input before they invest, Garcia said.

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"That's why we're taking the necessary steps to position Guam as a competitive destination for investment," she said.

Garcia said even with Guam's high number of tourists, investors are looking for third-party input.

She said investing is very competitive and Guam has to compete against places like the Maldives and Bali so the study will be a big help in competing for investors.

The study also will help GEDA "speak the language" of the investors, she said. "We want to give them a package they can't turn down," she said.
 

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