Nauru Taxation Reform PFTAC Steering Committee Meeting - Fiji March - PowerPoint PPT Presentation

May 29, 2023 •1.49k likes •1.59k views

Nauru Taxation Reform PFTAC Steering Committee Meeting - Fiji March 2018 Terry Greenwood Deputy Secretary Revenue Ministry of Finance Republic of Nauru NAURU TAXATION REFORM Historically there was no taxation in Nauru Preliminary

Nauru Taxation Reform PFTAC Steering Committee Meeting - Fiji March 2018 Terry Greenwood Deputy Secretary Revenue Ministry of Finance Republic of Nauru
NAURU TAXATION REFORM  Historically there was no taxation in Nauru  Preliminary analysis and proposals facilitated by PFTAC  2012 PFTAC Report recommended a package of reforms (Mullins Report)  2013 PFTAC Tax Reform Concept Paper prepared (Hayes Report)  Cabinet approved-in-principle on 2 nd February 2014 the implementation of a 2 Phase tax reform program - Phase I: Introduction of an employment and services tax - Phase II: Introduction of business tax  In April 2014 the Deputy Secretary Revenue was recruited to implement a taxation system (Australia DFAT funded under PACTAM)  In May 2014 legal draftsman funded by PFTAC to draft tax legislation  In November 2014 a Tax Implementation Adviser was recruited (Australia DFAT funded under PACTAM))
PHASE I & II Reforms  Revenue Administration Act (RAA) • Certified on 10 th September 2014 and effective on 1 st October 2014  Employment & Services Tax Act (ESTA) • Certified on 10 th September 2014 and effective from 1 st October 2014  Business Tax Act (BTA) • Certified on 9 th June 2016 and effective from 1 st July 2016
Other reforms / achievements Nauru has become a signatory (June 2016) to the Multilateral Convention and the Multilateral Competent • Authority Agreement, for the automatic exchange of information for tax purposes Nauru has committed to the automatic exchange of information by September 2018 • Nauru received a “largely compliant” rating from GF Fast Track Review in June 2017 and will undergo in- • country assessment in Q2 of 2018 AEOI Act, Beneficial Ownership Act in place and a Trust Act is currently being developed and hopefully be • enacted in the next few months Corporations Act and Partnership Act have been amended to conform with OECD Standard • Nauru signed a qualified commitment to BEPS Inclusive Framework in November 2017 • Nauru accepted invitation in February 2018 to participate in the Revenue Statistics in Asian and Pacific • Countries publication Nauru is also now participating in ISORA reporting •

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