TAX PLAN APPROVED

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On October 3, 2017, the Council of Ministers adopted the Revenue Review Committee’s controversial report.

The document, titled ‘Vanuatu Revenue Review: the case for revenue and modernisation’, is substantially unchanged from the version first touted to the public over a year ago, despite nationwide consultations, numerous expert submissions and widespread public debate.

What is new is that the government has reversed course on the VAT, and committed to raising the tax to 15% by the beginning of next year.

The decision does not specify an actual date for the imposition of personal and corporate income taxes.

It does, however, give the government the mandate for these taxes to be introduced “at a time to be determined by the government”.

The decision does set out a timeline for the enabling measure to be put into place.

It requires that the recommendations of the Review of Government Machinery Task force be implemented no later than the end of 2018.

The Daily Post reported in April that this review was conducted. Read More.


SOURCE: VANUATU DAILY POST

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