Despite facing difficulties in its 2019-2020 financial year, Samoa International Finance Authority however reeled in $23.3 million in profits for the year under review.
This was due to the COVID-19 global pandemic which resulted in world-wide border closures and state of emergency lockdown, as well as the measles outbreak which hit our shores in December 2019.
Despite these major operational challenges, the Annual report showsthat Samoa obtained a ‘Largely Compliant’ rating under the OECD rating system.
This bears testament to our continual commitment to ensure regulatory framework and practices are reflective of international standards’ requirements and best practices.
Nonetheless, SIFA together with various Government ministries have been working closely to address issues raised by the European Union (EU), listing Samoa as a non-cooperative jurisdiction under its list of countries with ‘non-cooperative tax regimes’ according to EU rules.
The SIFA continues to pursue a policy of excellence in the regulation and supervision of the entities within its jurisdiction.
Also highlighted in the annual report is SIFA’s net profit for the financial year under review was $23.3 million.
On the local front, SIFA continues to provide its generous support through sponsorship and financial assistance to local sporting bodies (rugby, netball, etc.) and several community projects aimed at assisting youth and vulnerable groups.
Despite the stringent international standards for offshore financial centres, constant changes in tax reporting regulations, pressure from standard setters and competition from renowned offshore markets, SIFA was able to operate successfully due mainly to the support from Government.