Setting up and managing your bookkeeping, VAT, payroll, VNPF, and assistance with your accounting system and due diligence reviews.
Accounting Systems - Xero and MYOB
Xero and MYOB cloud-based accounting systems are the most widely used financial reporting systems in Vanuatu. Xero is designed for small-to-medium size businesses, while MYOB caters to businesses of any size.
Our team of experienced accountants can assist you with identifying the software that best suits your business needs, purchasing the program and initial set-up. We also provide training and ongoing support to ensure you are maximising all system features.
Accounting, Bookkeeping and Financial Statements
Outsourcing your accounting needs to the experienced Law Partners Accounting team can drastically lower your operational costs compared to directly employing a qualified accountant plus provide assurance of the appropriate expertise for different tasks, as well as back-up.
Our team of experienced accountants and bookkeeping professionals can provide you with a wide range of accounting services to help maintain accurate and timely reports.
As your accountant, we can provide you with:
- data entry of financial transactions;
- accounts reconciliations;
- preparation and maintenance of fixed asset register;
- review of accounts and recording of month end journals;
- preparation of financial statements;
- budgets and projections;
- audit support;
- bank account signatories; and
- any other accounting services.
Value Added Tax (VAT)
Value Added Tax (VAT) is charged on most goods and services supplied in Vanuatu. Currently VAT is 15 percent.
Handling your VAT can be challenging and there can be significant penalties for non-compliance.
As a registered Tax Agent, Law Partners can help you to manage your VAT. We provide various services, including:
- registration for VAT;
- preparation, review and lodgement of VAT returns;
- review of the company’s controls in relation to managing VAT;
- providing VAT-related advice;
- dealing with the VAT Office on your behalf, for processes such as VAT audits;
- VAT audit support; and
- assistance with deregistration from VAT.
If you need help with your business’s payroll, we can offer you a tailored efficient solution for your business needs that maintains confidentiality.
Our services include:
- payroll preparation and wage payments;
- maintenance of employee leave records;
- calculation of severance entitlements;
- maintenance of employee records; and
- review employee contracts.
Vanuatu National Provident Fund (VNPF)
The Vanuatu National Provident Fund(VNPF) is a compulsory savings scheme for all employees. Employers must register with VNPF and ensure that all employees are also members.
In practice, employers pay monthly contributions for every employee, as well as their employee’s contribution (deducted from employee’s wages) to the VNPF.
We can assist with both employer and employee registration, as well as lodgement of monthly schedules including ensuring contributions are correctly calculated and submitted on time to avoid penalties.
Rent tax is paid bi-annually where non-businesses earn long-term rental income i.e. landlords that are not registered for Value Added Tax (VAT).
Where the property is owned by a natural person, rent tax is only applicable to income exceeding a specified amount. Rent tax is paid twice a year.
- For the period 1 December to 31 May, by no later than 28 June.
- For the period 1 June to 30 November, by no later than 28 December.
We can help you with your rent tax returns including ensuring rent tax is correctly calculated and submitted on time.
Due Diligence Reviews
If you are interested in buying a business in Vanuatu or need a review of your current business’s performance to see how it’s performing, we can undertake a due diligence review for you, including:
- entity operations;
- management controls;
- contractual agreements;
- business forecasts; and
- financial statements.