Nauru Revenue Office Emphasizes Best Practices in Financial Compliance
Commitment to International Standards
The Nauru Revenue Office (NRO) has reaffirmed its commitment to implementing best practices in financial compliance, ensuring that the island nation’s fiscal environment is stable and trustworthy. The NRO aims to become a highly professional organization, trusted by the community for equitably raising revenue to support the development of Nauru and its people.
Vision and Mission
- Vision: To become a highly professional organization, trusted by the community for equitably raising revenue to support the development of Nauru and its people.
- Mission: Responsible collection of revenues in a timely manner, promoting voluntary compliance through legislative codes and adopting best practice models.
Achievements
In June 2019, Nauru received ratification from the OECD Global Forum as “largely compliant” with OECD standards following a Fast Track review. This achievement demonstrates the island nation’s commitment to meeting international requirements for financial transparency and accountability.
Compliance Improvement Strategy (CIS)
The NRO has developed a CIS aimed at enhancing compliance with taxation and superannuation laws. Routine initiatives include:
- Taxpayer Profiling: Identifying potential risks
- Small Business Record-Keeping Audits: Ensuring accurate records
- Large Business Audits: Verifying compliance with tax laws
- Superannuation Compliance Checks: Ensuring retirement savings are in order
- Price Control Monitoring: Preventing profiteering and price gouging
Organizational Structure
The NRO has a robust structure consisting of four divisions:
- Design and Management Division: Overseeing the organization’s operations
- Revenue Division: Collecting revenues from taxpayers
- Taxpayer Services Division: Providing support to taxpayers
- Compliance Division: Ensuring compliance with tax laws
Taxpayers’ Charter
To build trust and confidence in the tax system, the NRO has developed a Taxpayers’ Charter outlining its role in encouraging people to comply with their obligations. The charter emphasizes:
- Openness: Providing clear information
- Transparency: Ensuring accountability
- Accountability: Taking responsibility for actions
- Professionalism: Demonstrating expertise and integrity
- Responsiveness: Responding to taxpayer needs
- Fairness: Treating taxpayers equally
- Support: Assisting those who want to do the right thing
Restrictions on Cash Export and Import
Restrictions are in place to prevent money laundering and tax evasion:
- Cash Export Licenses: Required for exports over $2,500
- Cash Import Declarations: Required for imports and exports exceeding $10,000