11 Apr 2007

American Samoa Chamber of Commerce argues for revamp of tax laws

10:22 am on 11 April 2007

The President of the American Samoa Chamber of Commerce feels confident that the chamber's efforts to revamp the territory's tax laws has the governor's support.

David Robinson, who met with the governor last week, says Governor Togiola Tulafono looked carefully at the chamber's recommendations on restructuring corporate tax laws to make them more conducive to attracting non-US companies to invest in the territory.

"The first one is the regular corporate tax that we all have to pay and that's on a sliding scale depending on how much money a company makes and that can, in fact, go up to 44 percent, if you're one of those fortunate companies who make a lot of money."

Mr Robinson says companies also have to pay a 30 percent dividend witholding tax and could also be liable for a further 30 percent, for what is known as an interest witholding tax.