LOW TAX COUNTRIES
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Vanuatu
Index of Articles
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VANUATU
About Vanuatu
Vanuatu, officially the Republic of Vanuatu, is a Melanesian island nation located in the South Pacific Ocean. The archipelago is located some 1,750 km (1090 mi) east of Australia, 500 km (310 mi) north-east of New Caledonia, west of Fiji and south of the Solomon Islands.
This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with about 50,000 visitors in 2004, are other mainstays of the economy. Mineral deposits are negligible; the country has no known petroleum deposits. A small light industry sector caters to the local market. Tax revenues come mainly from import duties.
Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. GDP growth rose less than 3% on average in the 1990s. In response to foreign concerns, the government has promised to tighten regulation of its
offshore financial center. In mid-2002 the government stepped up efforts to boost tourism. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid
| Vanuatu |
|
| Capital |
Port Vila
17°45′S 168°18′E
|
| Official languages |
Bislama, English, French |
| Area |
12,189 km² (161st)
4,706 sq mi |
| Population
|
211,000 (183rd) |
| GDP (PPP)
|
$726 million (175th) |
| per capita
|
$3,346 (121st) |
| Currency |
Vanuatu vatu (VUV) |
| Time zone |
(UTC+11) |
| Dialling code |
+678 |
VANUATU ECONOMY
Vanuatu's economy, historically based on agriculture and fishing, is now dependent on tourism and financial services. Cruise liners call at the two deep-water ports. GDP of $2,900 per head is low and growing rather slowly, partly due to adverse climatic and geological conditions. There is a strong contrast between the relatively sophisticated capital Port Vila, with its expatriate workers, and the subsistence economy of most of the Ni-Vanuatu islanders. Most goods are imported, and high import duties are a main source of Government revenue. The currency is the Vatu (VT), fixed against a dollar-based currency basket.
There is no direct taxation in Vanuatu. Import and export duties, registration fees, business license fees, stamp duty and a tourist turnover tax generate Government revenue. The offshore sector is well-developed, with the IBC-style International Company being the entity of choice. Banking, insurance, trust management and electronic gaming are the most important activities.
Vanuatu has no tax treaties, and no international mutual assistance treaties. There is domestic legislation to counter money-laundering and which enables international co-operation with investigators. However, privacy is good with statutory protection, and there is no crime of tax evasion since
there are no taxes.
~ Books About Vanuatu ~
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