§ 51201. Short Title
TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51201. Short Title. This Act may be cited as the “Sales Receipt Act of 2002.” Source: PL 13-26, § 1. Commission Comment: PL 13-26, which became effective October 23, 2002, contained the following findings, in addition to severability and savings clause provisions: Section 2. Findings. The Legislature finds that the CNMI government needs to establish additional control mechanisms to further ensure that sale transactions producing gross revenue are accurately reported for tax revenue purposes and to require that consumers and clients receive re- ceipts for their transactions. The Legislature recognizes that, unfortunate- ly, some people and businesses habitually under-report their revenue re- ceipts. Under-reporting deprives the CNMI government of much needed revenue and gives an unlawful competitive edge to tax violators. This Act further ensures that all persons and businesses accurately report their total gross revenue to the Department of Finance by requiring a receipt.
Source: CNMI Law Revision Commission