26 May 2015

American Samoa chamber plans to review taxes

2:03 pm on 26 May 2015

The American Samoa Chamber of Commerce plans to establish a Tax Reform Committee charged with reviewing current tax laws, and recommending changes to the government.

Among the proposed Chamber suggestions is a reduction in the 44 percent corporate tax to 35 percent, with a target of 25 percent over a 4-5 year period.

It's also suggesting removing the 30 percent withholding and 30 percent investment taxes for non U.S. companies.

The chairman of the Chamber of Commerce, David Robinson, says it's high time for a complete review of the tax code.

"Under the present tax code, apart from being messy and unpalatable, it's something which is in fact deterring potential investors to come into the territory, and therefore it's impacting on the lack of growth in the economy."

Mr Robinson says a tax reform committee is needed because the Chamber is not convinced the present and future administrations will take tax reform seriously.