Last updated: 24 Jan 2013

Taxation

Tax is payable on the worldwide income of a resident company, whereas a nonresident company is taxed on income accrued in or derived from the Solomon Islands.

Resident companies are taxed at a flat rate of 30 percent, with non-resident companies being subject to a 35 percent tax rate.

There is a goods tax imposed and levied on the final wholesale price of goods that are produced domestically or imported, whether new or used.

Import taxes may also be applicable on certain imported goods.

A sales tax may also be levied at the retail level for specified services.

An export tax may also be levied on Levied on various land and marine fauna shells, gold, metal scrap, logs and lumber, fish, and various agricultural products.

You should seek formal accounting advice from a reputable accounting firm.

Top Business Risks

• Bribery of Foreign Officials
• Tariffs and regulations
• Doing business in Solomon Islands

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.