After consulting the Embassy of the Republic of Palau in Washington DC, the Ministry of State has issued a press release warning Palauans with US Social Security Cards residing in Palau, of the possible “dire consequences” of applying for the Economic Impact Payment of the Internal Revenue Service of the USA. According to the IRS, […]
Tag: tax
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VAT would reduce tax evasion, says Sadang
Value-added tax (VAT) would reduce tax evasion by individuals, as the government will still push for tax reform by switching from gross receipt tax to VAT to bolster the government’s revenues. Finance Minister Elbuchel Sadang told members of the media during the Pacific Media Assistance Scheme (Pacmas) Palau Media Budget Reporting Training program last week […]
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MOF Minister calls EU’s blacklisting of Palau unfair
European Union has put Palau back on its blacklist of countries considered as tax havens this February 18, 2020. During the EuropeanUnion Finance Ministers meeting last week, they added Palau, Seychelles, Panama, and the Cayman Islands to their “naming and shaming list” of countries they deem “non-cooperative jurisdictions for tax purposes.” Finance Minister ElbuchelSadang, in […]
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Taxes and license renewals due; Tax Office
Bureau of Tax & Revenue (BRT) reminds businesses and individuals that business license renewals for next year will begin this November 25 and that any business that have reported no gross (no activity) for more than a year will be deactivated. “In effort to streamline our tax administration function on licensing of businesses and revenue […]
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New law to increase fee charged to foreign yacht owners, cruise ships in Palauan waters
President Remengesau signed a bill that will increase a fee charged to foreign yacht owners and cruise ships entering Palauan waters. “This new law will align Palau’s tax structure with the normative market rate and ensure that we receive our fair share from those profiting off Palau’s natural beauty” Remengesau said in his address to […]