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The Ministry of Revenue & Customs is announcing a new small business tax after changes to the Income Tax Law that brings everyone into the new turnover system that began on 1 July 2014. The new tax is compulsory unless business owners apply for an option to remain in the current profit based system.
Tuesday 12 August 2014
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A need to continue to improve the business environment in Tonga and to bolster confidence is stressed by the International Monetary Fund (IMF) in its 2014 country report for Tonga released today, which also notes that the Tongan economy is rebounding supported by agricultural exports and post-cyclone reconstruction activity.
Thursday 7 August 2014
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An Asian Development Bank report has stated that the Tongan economy grew 1.5% for the year 2014 (ending 30 June).
Wednesday 9 July 2014
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Tonga has two accumulating government debts that the Minister of Finance, Dr ‘Aisake Eke plans to address during the 2014-15 Financial year.
Tuesday 17 June 2014
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A rise in Tonga’s Gross Domestic Product in the coming years will be driven primarily by the reconstruction of Ha’apai, according to the IMF 2014 Article IV consultation report on Tonga, which also recommended a broading of the Consumption Tax base.
Friday 2 May 2014
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The Tongan economy is expected to rebound during the 2014 Financial Year, according to the Asian Development Bank Economic Outlook for 2014.
Thursday 3 April 2014
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The Asian Development Bank (ADB) is weeding out corruption from its development projects, barring any firm or individual it believes is cheating development projects.
Friday 21 March 2014
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Cyclone Ian could be a blessing in disguise for Tonga’s struggling economy, with the Reserve Bank now predicting an economic stimulation from the inflow of new development assistance.
Thursday 27 February 2014
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Tonga’s banks remain flush with funds, and are being urged to lend more to help stimulate an economy that looks as if it has stalled this year, as all key industries in Tonga except for construction recorded falls in lending, according to figures released today.
Friday 6 December 2013
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During its first year of operation Tonga’s new National Retirement Benefits Fund collected over $6.15 million pa‘anga from its membership of 4,304 employees and 308 employers, and may expect to double its membership in the future as more businesses join the statutory fund, whose administration has been supported by donor funding.
Thursday 5 December 2013
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The rescheduling of Tonga’s T$119 million loan from China for the reconstruction of Nuku’alofa has not been decided, according to Xu Zhiguang, the first Secretary of the Chinese Embassy, Nuku’alofa this afternoon, December 3.
Tuesday 3 December 2013 - 1 comment
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The World Bank has announced that it has setup a US$5 million support operation to aid Tonga’s recovering economy.
Thursday 28 November 2013 - 1 comment
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Tonga has been ranked among the Pacific region’s top performers for implementing business reforms over the last year, according to a World Bank Group annual report, however, the reason for the ranking is being questioned by those who look at business performance in Tonga.
Tuesday 5 November 2013
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Cheaper fuel prices have been announced for mid-October to mid-November. The prices of Petrol, Kerosene and Diesel have all decreased compared to the prices approved for the last monthly period mid-September to mid-October.
Thursday 17 October 2013
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The Tongan economy will grow by only 0.3% in 2014, according to the Asian Development Bank Outlook ADO Update 2013 that was published this week. Tonga’s economic growth has been on a downward spiral since 2011.
Saturday 5 October 2013
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The Asian Development Bank ADB is providing a USD$4.5 million grant to finance Tonga’s efforts to achieve fiscal stability and to improve its long-term economic growth prospects.
Friday 27 September 2013
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New fuel prices announced for September-October will see a decrease in the price of petrol for the first time in months. Prices for diesel and kerosene, however, continue to rise.
Wednesday 18 September 2013
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A top priority for Tonga is a reduction in the size of its public service and a reduction of the wage bill to 45%, from the current height of about 75% of the government’s annual budget, a new economic report by the Asian Development Bank recommends. It also recommended for government to appoint an Anti-corruption Commissioner.
Monday 22 July 2013
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Although Tonga’s economy continues to be weak, there are some positive indicators, according to a market update on July 1, by the Deputy Governor of Tonga’s National Reserve Bank, Jessie Cocker, who met with senior regional officers of ANZ Bank on June 28.
Monday 1 July 2013 - 1 comment
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The Minister of Finance, Hon. Lisiate ‘Akolo has launched Tonga’s biggest ever national budget amounting to T$357.6 million for the 2013-14 financial year, and expressed concern over low returns to government from public enterprises.
Tuesday 11 June 2013 - 2 comments
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