The Tax Programme of the OECD Korea Policy Centre (KPC) hosted Knowledge Exchange Training Programme (KETP) for officials from the Vanuatu Ministry of Finance (National Tax Administration) in Port-Vila, Vanuatu, from May 15th to 17th, 2018. It was to share the latest information on Korea’s tax system, policy experiences, OECD/G20 BEPS project, and international tax policy changes. The seminar was organized in cooperation with the Korean Ministry of Strategy and Finance, and experienced experts in advising national tax policy and administration, both from the government and private sector, participated in the seminar as expert lecturers.
It was attended by the mid- to senior-level officials from Vanuatu’s key organizations such as the Vanuatu Ministry of Finance, Inland Revenue Authority, and Central Bank. Such officials included the Minister of Finance Pikioune Gaetan, Deputy Minister Bruno Lengone, and Director General General Letlet August.
The Ministry of Finance of Vanuatu is responsible for formulating and executing economic development policies, tax policies, and financial planning and budgeting, and is also interested in international taxation issues including the recent signing of a multilateral tax information exchange agreement (TIEA). Since the income tax system, both private and corporate, has not been introduced in the nation, there are no administrative issues derived from double taxation and information exchange issues, but related issues are expected to increase after the introduction.
In addition, it is expected that the investment and international transactions of multinational companies will be active in the future, and tax policy will be helpful in effectively responding to domestic and international taxation issues and creating a transparent investment environment. The government of Vanuatu requested our continued support to transfer know-how on the operation of the income tax system and indirect tax system among Korea’s advanced tax system, and cultivation of the capacity of public officials to respond appropriately to changes in the international community.
Tax Programme, OECD Korea Policy Centre