Find Accountancy, Audit and Tax expertise in Vanuatu
There are many accountancy, tax and audit consultancy firms in Vanuatu thanks to its role in the South Pacific as a financial centre and tax haven. Financial statements for unlisted companies must be prepared in accordance with International Public Sector Accounting Standards (IPSAS) which are based on International Financial Reporting Standards (IFRS). The Companies Act of Vanuatu (2004) stipulates that proper accounts and profit and loss sheets are kept for each financial year. The financial year is measured from the beginning of each company’s accounting period. The World Bank Ease of Doing Business Index ranks Vanuatu 53rd out of 183 countries in terms of resolving insolvency (2011).
There is no local professional body for accountants. It is possible to follow Association of Chartered Certified Accountants (ACCA) courses online and to sit the exams in Australia or New Zealand.
There are no income, corporate, capital-gains, withholding or landlord taxes and no estate or death duties in Vanuatu. Government revenues come mainly from a 12.5% value-added tax (VAT) on goods and services and from import duties, with reductions down to 5% for investment projects in industry, tourism and agriculture. The International Companies Act provides a 20-year period of exemption from taxes for all international companies from the date of incorporation. The Department of Customs and Inland Revenue, as part of the Ministry of Finance and Economic Management, oversees collection of custom duties and taxes. With regards to paying taxes, Vanuatu ranks 32nd out of 183 countries worldwide according to the World Bank Ease of Doing Business Index (2011).
|Accountancy, Audit and Tax organisations in Vanuatu|