Editor’s notes: Section 1 of PL 16-75 added a new chapter 7 of this title entitled FSM Unified Revenue Authority. PL 16-75 was signed into law by Vice President Alik L. Alik, in his capacity as Acting President, on April 19, 2011.
Wherever used in this chapter, unless the subject matter, context, or sense otherwise requires:
(1) “Authority” means the Federated States of Micronesia Unified Revenue Authority established by section 711 of this chapter.
(2) “Board” means the Board of Directors of the Authority appointed under section 712 of this chapter.
(3) “CEO” means the Chief Executive Officer appointed under section 731 of this chapter.
(4) “Congress” means the Congress of the Federated States of Micronesia.
(5) “CTA” means the FSM Department of Finance and Administration, Division of Customs and Tax Administration.
(6) “Finance Official” means the Secretary, a Director of Finance, Director of Administration, Director of Administration and Treasury or such other official holding the highest administrative office responsible for matters of finance or taxation within the FSM National Government or the Government of any State.
(7) “FSM” means the Federated States of Micronesia.
(8) “Government” means the Government of the Federated States of Micronesia or the Government of a State in the Federated States of Micronesia, whichever the context appropriately requires.
(9) “Generally Accepted Accounting Principles” or “GAAP” means those accounting principles currently accepted by certified public accountants, which are utilized by auditors operating within the FSM; PROVIDED, HOWEVER, that in the event International Financial Reporting Standards (IFRS) become generally accepted by the financial/auditing entities within the FSM and as prescribed by law or regulations, then GAAP shall be modified by IFRS.
(10) “Memorandum of Understanding” means the Memorandum of Understanding entered into between the FSM National Government and the governments of the several States under section 759 of this chapter.
(11) “National tax” means a tax or duty imposed under a law referred to in paragraphs (a) or (b) of the definition of “Revenue law” in subsection (17) of this section.
(12) “Net tax” means the gross collection of tax, penalties, and interest under a revenue law less refunds paid under such law.
(13) “Net National taxes” means the net tax collected in respect of National taxes.
(14) “Net State taxes” means the net tax collected in respect of a State’s taxes.
(15) “Prescribed percentage”, in relation to the Authority’s operations budget, is that percentage determined under sections 752 and 756(2) of this chapter.
(16) “Revenue authority” means the CTA as defined in subsection (5) of this section, or the administrative office responsible for matters of finance or taxation within the Government of any State.
(17) “Revenue law” means:
(a) any chapter under this title;
(b) a law of the FSM imposing a tax or duty if the law provides that the Authority has the responsibility for administering the tax or duty; and
(c) a law of a State imposing a tax which the Authority is allowed to administer by virtue of the laws of such State.
(18) “Revenue officer” means the CEO and any officer of the Authority appointed under section 732 of this chapter.
(19) “Secretary” means the Secretary of the Department of Finance and Administration.
(20) “State” means a State of the Federated States of Micronesia; and
(21) “State tax” means a tax imposed under a law referred to in paragraph (c) of the definition of “Revenue law” in subsection (17) of this section.