Find Accountancy, Audit and Tax expertise in Kiribati
In Kiribati public enterprises hire their own accounting staff from small local firms, whilst the accounting staff of ministries, comes from a central accounting cadre from within the Ministry of Finance and Economic Development. The Kiribati National Audit Office is the independent state organisation responsible for carrying out audits for government departments, government companies, annual accounts (Treasury), local government or island councils, development project, special audits and performance and IT Audits. All public financial statements are prepared in accordance with the legislation (1976 Public Finance (Control and Audit) Act), but there are no national accounting standards in Kiribati, and no institutions officially compliant with international public sector accounting standards. In the 2011 World Bank’s Ease of Doing Business Index Kiribati ranked last in the world (out of 183 countries) for resolving solvency reporting standards, alongside several other small island developing nations.
Accountancy can be studied at the University of South Pacific, which has a campus on Kiribati. The country has no official accountancy association.
Personal income tax in Kiribati is progressive, rising to 35% on incomes over US$31,200. The normal company tax is based on a flat rate of 25% of net profits for the first US$38,500 and 35% for amounts in excess. Total tax rate in the nation in 2011 was 31.8%, remaining the same as the previous five years. In the 2011 Ease of Doing Business Index Kiribati found itself in a very prominent 6th place in the world in relation to paying tax, below only the Maldives, Qatar, Hong Kong, Singapore and Ireland.