Palau’s farmers, fishers, and food producers will be selling their local products plus have the opportunity to learn about Palau’s upcoming tax reforms at the Farmer’s Market at Ernguul Park on Thursday, August 11. The weekly Farmer’s Market usually starts around 7 am, with fresh produce and specialties selling out early. The Tax Reform Workshop will start at 10 am.
The Ministry of Agriculture, Fisheries, and the Environment (MAFE) and the Ministry of Finance (MOF) are partnering to promote #KeledANgercheled (Our Food is Our Responsibility) and Tax Reform at the Farmer’s Market. Via the #KeledANgercheled initiative, Palau is looking to triple and diversify its production and consumption of local, healthy, sustainably-produced foods.
Palau’s Comprehensive Tax Reform Act (RPPL) 11-11 will go into effect on January 1, 2023. The tax reform act offers social assistance for the informal makit sector. A Palauan citizen selling at makit with a gross revenue of $15,000 or less in a tax year with no formal employment is entitled to received 4% of the citizen’s makit revenue up to $600. The law also offers full wage and tax refunds for Palauan citizens earning $15,000 or less per tax year. They may have all of their deducted wage and salary taxes refunded at the end of the year. This means that farmers, fishers, and food producers may be eligible to get money back under new the tax law.
Farmers, fishers, and food producers, whether in the informal makit or registered businesses, can learn more about these tax rights and responsibilities at the Farmer’s Market Tax Reform Workshop on Thursday.
There will be additional tents and tables for farmers, fishers, aquaculturists, and food producers/processors who wish to display, sell, and learn about their rights and responsibilities under the new tax law. Contact firstname.lastname@example.org or 775-4335 for information.