The Ministry of Finance reached out to the Palau Chamber of Commerce to help with the coordination of the implementation of the new tax laws by the business community before the new systems starts in January 2023.
The new comprehensive tax reform has been signed into law on September 29, 2021 and the Ministry of Finance is currently working with their consultants on the regulations and the software/database that will support the new comprehensive tax reform system.
The regulations are the most important consequences of the legislation, as they will mandate how the actual system will be implemented across the board starting in January 2023.
The Palau Chamber of Commerce will work closely with the Ministry of Finance to ensure that the business community will have access to adequate forums, training and workshops that cover the regulations and the tax reform, in order for all the interested businesses to be registered by October 2022.
The Palau Chamber of Commerce understands that this may be challenging for many small to medium enterprises, especially when recordkeeping and/or accounting is not actively done on a regular basis. Thus, the Chamber encourages all businesses to identify learning or training opportunities to improve financial literacy skills while we wait for the Tax Reform Committee to provide further information and guidance.
More information will be shared through our website and Facebook page when available.