Find Accountancy, Audit and Tax expertise in Solomon Islands
The accountancy sector in the Solomon Islands is small and in need of development, particularly as the country had no national accounting standards until 2010, when the Accountants Act was passed. Well-known accountancy firms in the Solomon Islands, however, include Morris and Sojnocki. The IMF is assisting the Solomon Island government in its adoption of the International Financial Reporting Standards (IFRS) and the Central Bank of Solomon Islands complies fully with IFRS. In 2012 no other bodies or companies complied with IFRS. The World Bank Ease of Doing Business Index (2011) ranks the Solomon Islands 115th out of 183 countries worldwide when it comes to resolving insolvency.
The Institute of Solomon Islands Accountants seeks to regulate and improve the practice of accountancy in the country and is a member of the Confederation of Asian and Pacific Accountants. It is possible to follow Association of Chartered Certified Accountants (ACCA) courses online and to sit exams in Australia or New Zealand.
Corporate tax rates in the Solomon Islands are set at 30% for resident companies and at 35% for non-resident companies. Income tax is progressive and is between 11% and 40% on taxable income. With regards to paying taxes, the Solomon Islands comes 25th out of 183 countries, only one place below the UK, according the World Bank Ease of Doing Business Index (2011).
|Accountancy, Audit and Tax organisations in Solomon Islands|
|Institute of Solomon Islands Accountants||