CONGRESSIONAL BILL NO. 18-145, C.D.1 P.C. NO. 18-254 PUBLIC LAW NO. 18-52 1 income of the Authority shall be exempt from payment of 2 income tax, and the Authority shall not be liable for 3 the payment of customs duty and import levy, or any 4 other tax having a similar effect.” 5 Section 23. Title 21 of the Code of the Federated States of 6 Micronesia, as amended, is hereby further amended by adding a new 7 section 319 under chapter 3, to read as follows: 8 9 “Section 319. Annual reports, accounts and audit. (1) The Authority shall be funded on an annual basis 10 by licence fees and other fees it is entitled to charge 11 under this Act, from grants and donations, and from 12 moneys appropriated by Congress. 13 (2) Notwithstanding the provisions of any other Act, 14 charges and fees payable to the Authority pursuant to 15 this Act shall be payable to the Authority’s nominated 16 bank account. 17 (3) Charges and fees payable to the Authority under 18 this Act constitute a debt, which may be recovered by 19 the Authority in a court of competent jurisdiction. 20 21 (4) The Authority shall by: (a) 30 September of each year, submit its annual 22 budget for the following financial year and forecasts 23 for the following two financial years to the President; 24 25 (b) 31 March of each year, cause its accounts for the previous financial year to be audited by the Public 27 of 119