Results for Economy and Trade

The ACP Council of Ministers will hold its 85th session in ACP House (Brussels), from 22 to 24 May 2007, under the chairmanship of Lesotho.

Tonga's Minister of Finance Hon Siosiua T. T. 'Utoikamanu, has again expressed his concern over the projected significant decline of government's revenues, urging tighter government spending, and warning that government has few options for recovery after its reserves were used to pay for the civil service pay settlements last year.

At the end of day one of Tonga's first National Economic Summit, the one thing that is clear, is that government has diligently mapped out the direction of the summit, aiming to create new economic and trade policy making bodies.

The year 2006 may have been a tough year for most businesses in Nuku'alofa, but definitely not for the Westpac Bank of Tonga, which made a record net profit after tax of $7.5 million.

The Tongan economy will be struggling for survival during the next financial year, 2007-08, warns Tonga's Minister of Finance, Hon. Siosiua 'Utoikamanu, saying that the government has suffered a massive hit on its revenue stream following the losses suffered by the country's businesses on November 16.

Tonga's plan to become a member of the World Trade Organisation WTO in July this year is now very doubtful, according to Paulo Kautoke, the Chief Executive Officer for the Ministry of Labour Commerce and Industries.

Nuku'alofa's devastated business community will be allowed to delay their payments of Consumption Tax and Duty for six weeks.

Revisions will be needed to Tonga's Income Tax Bill 2006 if it is to win acceptance in the House this year and in order to avoid a hostile reception from the public. This need is clear as public consultations on the Bill are winding up this week. By Mary Lyn Fonua

Tonga's Ministry of Labour, Commerce and Industries will hold a series of WTO consultative workshops, starting next month to inform Tongans about new trade terms and tax reform that is being put into place.