Results for Economy and Trade

A Tonga government review has stated that Tonga has fallen behind in three Millennium Development Goals: poverty eradication, gender equality and non-communicable diseases (NCDs) which are at a “crisis level”.

Running a business in Tonga is getting harder, according to a new World Bank report titled “Doing Business 2015”. The annual report assesses the “ease of doing business” in countries across the world. Tonga's ranking was dragged down by poor ratings for property registration, difficulties in resolving insolvency and poor shareholder rights.

Employees at the National Reserve Bank of Tonga (NRBT) can take mortgages starting on November 14, 2014, following the Gazetting of a new order.

The Pacific Network on Globalisation (PANG) says ongoing negotiations for the controversial free trade agreement known as PACER-Plus are creating an unbalanced agreement against the interests of the Pacific Islands. - Adam Wolfenden.

An August completion report by the Asian Development Bank (ADB) has indicated challenges facing privatization and fiscal sustainability in Tonga.

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.

An Asian Development Bank report has stated that the Tongan economy grew 1.5% for the year 2014 (ending 30 June).

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.

The Tongan economy is expected to rebound during the 2014 Financial Year, according to the Asian Development Bank Economic Outlook for 2014.