7 Feb 2008

American Samoa's Chamber of Commerce calls on Fono to lower corporate taxes

11:30 am on 7 February 2008

American Samoa's Chamber of Commerce has called on the Fono to lower corporate taxes to attract foreign investment.

Chamber president David Robinson has told lawmakers that non-U.S. companies doing business in American Samoa are paying too much.

A member of the legislature Archie Soliai, says American Samoa has the highest tax rate among the Pacific Island countries.

He says the only tax incentive available to businesses is the tax exemption, which is determined by negotiations between the government's Tax Exemption Board and the individual companies.

Mr Robinson says the territory is right in the middle of the Pacific and could benefit greatly from companies based in the many countries of the region.

He says the Chamber wants the corporate tax cut back to 38 percent from the current 44 percent.