Ministry of Finance in partnership with Samoa Chamber of Commerce Wage Subsidy Scheme Fact Sheet Overview:

Wage subsidy will be available for Employees in the affected Tourism and Hospitality/Manufacturing Industries who are struggling to retain employees because of Covid 19.

The Wage subsidy is to be distributed via the Employers to affected employees. Amount of support: Universal wage subsidy to all affected Employees from the Tourism and Manufacturing sector affected by Covid 19.
A paid out flat rate approved and decided by the Ministry of Finance. Read More PDF File

CARES Act for all Amercans – Isn’t is Brilliant!

To provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.

Coronavirus Aid Relief & Economic Security Act (CARES) provides for all and considered it a fair distribution to all Americans that contributes to the FICA and development of America. Couples earning less than $75,000USD are entitled to $1,200USD per month for the next 6 months.. Inter alia other benefits such as loan forgiveness for payroll bridging funds etc.
I applaud the foresight by Trump and his administration and thank you for the EIP payment.

 

Background

The COVID-19 pandemic and the government interventions to mitigate its effects have both immediate and on-going financial impacts. The nature and scale of these interventions vary

widely across jurisdictions, as will their longer-term impacts. However, the significant fiscal interventions launched by many governments mean that high-quality accrual-based financial

reporting is needed now, more than ever, as it provides better information for decision-making, improves transparency on how public resources are used, allows citizens to hold decision

Ten emerging business and tax impacts from coronavirus (COVID-19)

Coronavirus is proving a particularly difficult challenge for many Australian and most likely global businesses given lingering uncertainty on the duration and extent of the outbreak, says Michael Croker, Australian Tax Leader at Chartered Accountants ANZ.

Su'a inducted in Auckland
Su'a inducted in Auckland

Tagaloa Fa'afouina Su'a inducted in the college of Chartered Accountants (CA) for Chartered Accountant Australia & New Zealand (CAANZ) last night at a ceremony held Cordis Hotel in Auckland CBD.

Su'a with Beatie Carlson

Congratulations Rugby League Samoa GOVERNOR Tagaloa Fa'afouina Su'a recognition of his dedication and professional services to Rugby League International Board of Directors presented during this weeks AGM in Darling Harbour, Sydney.

Malo lava le galue Govenor from all Rugby League Samoa executives and our chapters and members. Viia le Alii

The Fund wishes to advise the public that Parliament has passed the National Provident Fund Amendment Act 2019 increasing the minimum member and employer contribution rate that is currently set at 7% as follows:

Incremental Increase of 1% per annum Employee Minimum Contribution Employer Minimum Contribution
Current  7% 7%
1 st July 2019 8% 8%
1 st July 2020 9% 9%
1 st July 2021 10% 10%

Read more full report (PDF Click here)

With Myriads of changes and new IFRS coming to effect from period commencing January 2019. Certain notion for review is warrant in order to align and harmonise provisions of IFRS for SMEs to new IFRS (ie IFRS 16 for leases)   

IASB® Update March 2019

The Board met on 12 March 2019 to discuss the 2019 comprehensive review of the IFRS for SMEs Standard.

The Board discussed:

  1. whether the IFRS for SMEs Standard should be aligned with full IFRS Standards;
  2. the principles to apply when considering whether and how the IFRS for SMEs Standard should be updated for new and amended IFRS Standards; and
  3. whether the Request for Information should recommend aligning Section 2 Concepts and Pervasive Principles of the IFRS for SMEs Standard with the 2018 Conceptual Framework for Financial Reporting.

The Board did not make any decisions.

High Level - Summary 

(i) Classification and Measurement - When an entity credit risk increases, then DO Not book any "GAINS" in the PnL
(ii) Impairment - move from INCURRED Loss model to Forward looking "Expected Credit Loss" model. MOre disclosure on information impacting the Financial asset.
(iii) Hedge Accounting

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.