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Kiribati

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About

Kiribati

Capital
Official languages
Population 
Currency

ISO 4217

South Tarawa

English and Gilbertese

119,438

Australian Dollar

KI

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Economy

Kiribati is an island nation located in the central Pacific Ocean. It has a population of just over 115,000 people and a GDP of $521 million. The economy of Kiribati is largely dependent on fishing, tourism, and foreign aid. The country has seen a steady growth in its economy over the past few years, with a GDP growth rate of 3.2% in 2019.

The unemployment rate in Kiribati is relatively low, at just 4.2%. The country has a low inflation rate of 1.2%, and its currency, the Australian dollar, is stable. The government of Kiribati has implemented a number of initiatives to promote economic growth, including tax incentives for businesses and investment in infrastructure.

Kiribati has a strong agricultural sector, with the majority of its exports being fish and copra. The country also has a thriving tourism industry, with visitors from all over the world coming to experience its unique culture and stunning beaches.

Overall, Kiribati has a strong and growing economy, with a low unemployment rate and a stable currency. The government has implemented a number of initiatives to promote economic growth, and the country has a thriving agricultural and tourism sector.

Taxation

Kiribati is a small island nation in the Pacific Ocean with a simple tax system. Here is an overview of the tax system in Kiribati:


Corporate taxation:

- Companies in Kiribati are subject to a corporate income tax rate of 35% on their profits.

- Certain industries, such as fishing and shipping, may be eligible for tax concessions.

- Other taxes and duties that companies may be subject to include value-added tax (VAT), import duty, and environmental levies.


Personal taxation:

- Individuals in Kiribati are subject to personal income tax on their worldwide income at progressive rates ranging from 10% to 35%, depending on their income level.

- Other taxes that individuals may be subject to include import duty and environmental levies.


Tax payment process and calendar:

- Kiribati taxpayers are required to file their tax returns annually by July 31st of the year following the tax year.

- The tax year in Kiribati is from July 1st to June 30th of the following year.

- Companies are required to pay their corporate income tax by the end of the month following the end of the financial year.

- Individuals are not required to make advance tax payments.

- Late tax payments are subject to penalties and interest charges.


It should be noted that the tax system in Kiribati is relatively simple, and the government has been working to improve tax collection and administration in recent years. However, compliance with the tax laws and regulations in Kiribati remains important for both individuals and corporations.

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