Find Accountancy, Audit and Tax expertise in Tonga
Accountants in the Kingdom of Tonga include JK Chartered Accountants and `Uta`atu & Associates. Founded in 1991, `Uta`atu & Associates is the largest professional accounting and management consulting firm in the Kingdom of Tonga. The Companies Act (1995) stipulates that companies must appoint an auditor to prepare a financial report for each annual general meeting. The auditor must be a member of the Tonga Society of Accountants, a member of another approved society of accountants or an officer of the audit department. With regards to resolving insolvency Tonga ranks 108th out of 183 countries worldwide, compared to the Solomon Islands in 115th position, according to the World Bank Ease of Doing Business Index (2011).
The Tonga Society of Accountants is the leading professional body of accountants. It is possible to follow Association of Chartered Certified Accountants (ACCA) courses online and to sit the exams in Australia or New Zealand.
Acts passed in 2007 aimed to make improvements to tax laws and ensure that procedures were put in place and followed. Personal income tax is charged at a rate of 10% and standard corporation tax is around 30% although exemptions can be granted. The main indirect taxes comprise of custom duties, port and serviced taxes, which bring almost 70% of tax revenue to the government (2011). According to the World Bank Ease of Doing Business Index, in terms of paying taxes Tonga comes 29th out of 183 countries, just below the Solomon Islands in 25th position.