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Northern Mariana Islands

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About

Northern Mariana Islands

Capital
Official languages
Population 
Currency

ISO 4217

Saipan

English, Chamorro, Carolinian

55,194

United States Dollar

USD

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Economy

The Northern Mariana Islands have a strong and growing economy. According to the World Bank, the GDP of the Northern Mariana Islands in 2019 was $1.2 billion, a 4.2% increase from 2018. The unemployment rate in the Northern Mariana Islands is also low, at only 3.2%. The tourism industry is a major contributor to the economy, accounting for over 40% of the GDP. The government has also invested heavily in infrastructure, with over $200 million in public works projects completed in 2019. The Northern Mariana Islands also have a strong agricultural sector, with exports of fresh produce, fish, and livestock accounting for over $100 million in 2019. Overall, the Northern Mariana Islands have a strong and growing economy, with a low unemployment rate and a diverse range of industries contributing to its success.

Taxation

The Northern Mariana Islands (CNMI) is a commonwealth in political union with the United States. As such, the tax system is heavily influenced by the US tax system.


For individuals, the CNMI has a progressive income tax system with seven tax brackets ranging from 3.5% to 12.5% based on income levels. In addition, there is a flat tax rate of 2% for those earning less than $13,000 annually. There is no sales tax, but there is a use tax on certain imported goods. Property taxes are also assessed on real property.


For corporations, the CNMI has a flat corporate income tax rate of 5% on net income derived from business activities conducted within the CNMI. There is also a 1.5% gross revenue tax on certain businesses, such as those engaged in retail sales or providing professional services.


Taxpayers in the CNMI generally must file their tax returns by April 15 of the year following the tax year. However, the CNMI has its own tax agency, the Division of Revenue and Taxation, and some tax rules and deadlines may differ from those in the US. It is recommended that taxpayers seek guidance from the Division of Revenue and Taxation or a tax professional for specific information on tax payment and calendar for payments in the CNMI.

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