Key economic drivers for Guam as a whole were identified. Tourism remains the dominant economic engine with one out of every three jobs directly or indirectly related to the tourism industry. Opportunities for diversification exist in the expansion of economic sectors such as :
Architecture and Engineering
Economic Opportunity Zones
Federal and Military Base Operations
Transportation and Distribution
Guam has an embassy in Qatar.
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Guam corporations are subject to income tax on their income from all sources. Other corporations doing business on Guam incur income tax liabilities to Guam on all Guam source income. Corporations not engaged in business on Guam are liable to a 30% tax on certain types of income from Guam sources. The highest corporate tax rate is 35% and the last is 21%. The Guam Economic Development and Commerce Authority (GEDCA) has a variety of tax incentives to encourage new investment to Guam. GEDA grants Qualifying Certificates to investors based on investment commitment and ability to generate new employment, replace imports, reduce consumer prices, or create vital new facilities. Qualified firms may receive: • 75% tax rebate on corporate income tax for up to 20 years; • Abatement on real property income taxes up to 10 years; • 75% rebate on corporate dividend tax up to 5 years; • Abatement on gross receipts tax on petroleum and alcoholic beverages made in Guam up to 10 years.