Imperial Pacific International (IPI) Chairman Mark Brown says the company is looking to use tax credits earned in recent years in lieu of paying more taxes this year as it looks to conserve funds for the completion of its Saipan IR, Imperial Palace‧Saipan.
The plan follows recent news that IPI had paid just US$41,000 in Business Gross Revenue Tax (BGRT) since 1 July 2018, well down from the US$40.9 million IPI paid in 2016, US$67.7 million in 2017 and US$43.6 million in 2018.
Speaking to the Saipan Tribune this week, Brown said, “We were advised by our accountant that we are entitled to tax credits. It’s the same thing like your personal tax wherein if you pay too much you get a refund.”
Asked why IPI should be allowed to rely on tax credits, Brown pointed to a series of events including last year’s devastating Typhoon Yutu and the ongoing shortage of workers as having negatively impacted operations. However, he added that once tax credits had been applied “we will go back to continue paying what’s due.”
Brown also promised that IPI would fulfil its obligations and complete Imperial Palace‧Saipan, despite having recently requested yet another deadline extension for construction beyond the current 28 February 2021 deadline.
“We are still here, finishing the building and we are still getting investors – 800 of them at a time – and promoting Saipan in Korea and Australia,” he said.
“It’s a struggle because we have a lot of people against us but we are still here and we plan to see this through.”