Pitcairn is a small island nation located in the South Pacific Ocean. It has a population of just over 50 people and is one of the most remote inhabited islands in the world. Despite its small size, Pitcairn has a thriving economy. According to the World Bank, the GDP of Pitcairn in 2019 was $2.3 million, with a GDP per capita of $45,000. This is significantly higher than the average GDP per capita of the Pacific Islands, which is $3,400. The main industries in Pitcairn are fishing, tourism, and the sale of postage stamps. Fishing is the largest contributor to the economy, accounting for around 40% of the GDP. Tourism is also an important source of income, with visitors coming to the island to experience its unique culture and stunning natural beauty. The sale of postage stamps is also a major source of revenue, with Pitcairn stamps being highly sought after by collectors. Overall, Pitcairn has a strong and growing economy, with a GDP per capita that is significantly higher than the average for the Pacific Islands.
Pitcairn is a British Overseas Territory with a very small population, and as such, there are no taxes imposed on individuals or companies. There is no value-added tax (VAT), sales tax, or income tax.
However, residents of Pitcairn are still subject to taxes in the UK, as the territory is considered part of the UK for tax purposes. Individuals may have to pay income tax if they have income sourced from the UK, and companies that are registered in Pitcairn may be subject to UK corporate tax laws.
Since Pitcairn does not impose any taxes on its residents, there is no process of tax payment or calendar for payments.
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