Find Accountancy, Audit and Tax expertise in Samoa
- Overview
- Profession
- Tax
Overview
The accountancy and audit market is dominated by small local firms; there are no local affiliate firms of major international accounting networks. Financial reporting requirements are as set by the Samoa Institute of Accountants and/or by the Companies Act 2001 or the specific provisions in the Public Finance Management Act 2001 for public bodies. The Samoa Institute of Accountants requires companies that are audited to follow either the International Financial Reporting Standards (IFRS) or other internationally accepted accounting frameworks. In 2011 the Institute approved the use of IFRS for small and medium sized enterprises. In terms of resolving insolvency, Samoa comes 145th out of 183 countries according to the World Bank Ease of Doing Business Index (2011).
Profession
The Samoa Institute of Accountants (originally the Western Samoa Society of Accountants) was established in 1959 and changed its name under the Samoa Institute of Accountants Act 2006. In 1984 it was registered as a statute body under the Public Accountants Act. Training and accounting practices in Samoa are mainly influenced by Australia and New Zealand, with whom Samoa has traditionally had special ties. This is particularly the case in New Zealand where many Samoans live and where many professionals obtain their education and training before returning to Samoa. The Institute accepts resident Samoans who have completed their academic training at approved universities, as well as their professional training and examinations. The Institute has been a member of the Confederation of Asian Pacific Accountants (CAPA) since 1976 and since 2009 has held a Memorandum of Cooperation with Certified Practicing Accountants (CPA) Australia to promote professional development and co-operation between the countries. It is possible to follow Association of Chartered Certified Accountants (ACCA) courses online and to sit the exams in Australia or New Zealand.
Tax
Income tax is progressive and goes from 10% -29%. Corporate tax runs at 27.0% and capital gains tax at 30%. Offshore businesses are exempted from direct tax. The World Bank Ease of Doing Business Index ranks Samoa 66 out of 183 countries worldwide with regard to paying taxes, above nearby Fiji.
| Accountancy, Audit and Tax organisations in Samoa | |
|---|---|
| Samoa Institute of Accountants |
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