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|
|1 st July 2019||8%||8%|
|1 st July 2020||9%||9%|
|1 st July 2021||10%||10%|
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:
- whether the IFRS for SMEs Standard should be aligned with full IFRS Standards;
- the principles to apply when considering whether and how the IFRS for SMEs Standard should be updated for new and amended IFRS Standards; and
- 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.
The following is a list of the top ten actions to minimize the risk of being sued.
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Accounting and Auditing in Volatile Times
- Tighten Up Engagement Letters
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High Level - Summary
IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.
SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!
Matters of Priorities
- Massive increase by 60% on annual business license per annum
- Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.
INCREASE OF MINIMUM CONTRIBUTIONS
We respectfully advise that pursuant to earlier notification in January and June 2015, the National Provident Fund Amendment Act (No. 2) 2015 has now been passed by Parliament which increases the minimum contribution from 5% to 6% of Gross Salaries & Wages commencing 1st July 2015. There will be another increase next year on 1st July 2016 from 6% to 7%.