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Ascension and Tristan da Cunha

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About

Ascension and Tristan da Cunha

Capital
Official languages
Population 
Currency

ISO 4217

Jamestown

English

4,843 (as of July 2020)

Ascension Island Pound and Tristan da Cunha Pound

SHP

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Economy

"Ascension and Tristan da Cunha are two small islands located in the South Atlantic Ocean. Both islands have a small population and limited economic activity. However, they have managed to maintain a stable economy over the years.

Ascension Island has a population of around 1,000 people and a GDP of $14.5 million. The main sources of income are fishing, tourism, and the sale of stamps and coins. The island also receives some income from the British government, which provides financial assistance for infrastructure projects.

Tristan da Cunha has a population of around 300 people and a GDP of $2.5 million. The main sources of income are fishing, tourism, and the sale of stamps and coins. The island also receives some income from the British government, which provides financial assistance for infrastructure projects.

Overall, Ascension and Tristan da Cunha have managed to maintain a stable economy despite their small size and limited resources. They have been able to generate income from fishing, tourism, and the sale of stamps and coins, as well as from financial assistance from the British government. This has allowed them to provide basic services and infrastructure to their citizens."

Taxation

Ascension Island and Tristan da Cunha are British overseas territories and therefore follow UK tax laws. Here is some information about taxation in the UK:


Corporate Taxation:

- The current corporate tax rate in the UK is 19% (as of 2021).

- Companies are required to file a tax return with HM Revenue and Customs (HMRC) annually, and pay any taxes owed within 9 months and 1 day of the end of the accounting period.

- The accounting period is typically 12 months, but it can be shorter or longer depending on the company's circumstances.


Personal Taxation:

- In the UK, individuals are subject to income tax on their earnings. The tax rate varies depending on income, and ranges from 20% to 45%.

- There is also a National Insurance Contributions (NICs) system, which is a type of social security tax. Both employees and employers are required to make contributions based on earnings.

- Individuals are required to file a tax return annually if they have income above a certain threshold, or if they receive income from self-employment or rental properties.

- The tax year in the UK runs from April 6 to April 5 of the following year.

 

It's important to note that tax laws and regulations are subject to change, so it's advisable to consult with a tax professional or visit the UK government's tax website for the most up-to-date information.

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