"The Falkland Islands (Malvinas) have a strong and growing economy. According to the Falkland Islands Government, the Gross Domestic Product (GDP) of the Falkland Islands was estimated to be £521 million in 2018, a 4.2% increase from 2017. The main industries driving the economy are fishing, tourism, and oil and gas exploration. Fishing is the largest contributor to the economy, accounting for around 40% of GDP. Tourism is the second largest contributor, accounting for around 25% of GDP. Oil and gas exploration is the third largest contributor, accounting for around 15% of GDP.
The Falkland Islands have a strong and diversified economy, with a low unemployment rate of 2.2%. The average income per capita is estimated to be £30,000, which is higher than the UK average of £27,600. The Falkland Islands also have a strong banking sector, with two major banks operating in the islands.
Overall, the Falkland Islands have a strong and growing economy, with a diversified and robust banking sector. The main industries driving the economy are fishing, tourism, and oil and gas exploration, and the average income per capita is higher than the UK average."
The Falkland Islands have their own tax system, separate from the tax systems of the United Kingdom or any other country. The Falkland Islands Government (FIG) is responsible for collecting and administering taxes in the territory.
In terms of corporate taxation, companies operating in the Falkland Islands are subject to a standard rate of 26% on their profits. There are some tax exemptions and deductions available, such as those for research and development, capital allowances, and losses brought forward from previous years.
Individuals who are resident in the Falkland Islands are subject to income tax on their worldwide income. Non-residents are only taxed on income that is sourced in the Falkland Islands. The personal income tax rates in the Falkland Islands vary depending on income level, with the top rate currently set at 26%.
The tax year in the Falkland Islands runs from 1 April to 31 March. Taxpayers are required to file their tax returns by 30 June following the end of the tax year. Tax payments are due in two instalments, with the first instalment due on 1 October and the second instalment due on 31 March of the following year.
Taxpayers in the Falkland Islands can make payments online, by bank transfer, or in person at the FIG Treasury. Late payment of taxes can result in penalties and interest charges, so it is important for taxpayers to ensure that they meet all tax obligations in a timely manner.
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