On 4 April 2016, the Council of Ministers launched the Vanuatu Revenue Review.
The Revenue Review was established to review the country’s tax and non-tax revenue systems and report back to the Government by the end of 2016.
The 3 key areas being examined by the Review are:
- Tax Revenue
- Non-Tax Revenue; and
- Modernisation of Vanuatu’s tax and customs administration.
The Review is also examining the policy and administration of customs and VAT exemptions as well as other relevant issues that emerge as part of the Review, such as debt management policy and administration.
The task given to the Revenue Review is significant. Accordingly, the Review has given priority to examine the Tax Revenue and Modernisation issues. The Revenue Review Committee has undertaken a review of the Revenue options available to Vanuatu and has received Government endorsement to proceed with public consultation on the introduction of personal and corporate income taxes.
The Revenue Review will also undertake consultation and information sharing on the other key areas of the review.
The Review is conducted by the Revenue Review Committee (RRC) which is chaired by the Director of Finance of the MFEM. The Review is governed by the Revenue Review Committee Chaired by te Minister of Finance and Economic Management, the Hon Gaetan Pikioune.
The Revenue Review Committee is committed to ensuring that this Review is undertaken with as broad input and transparent as is possible.