French Polynesia Parliament Passes 2023 General Budget

The French Polynesian National Assembly Dec. 8 passed the 2023 general budget. The budget includes measures that would: 1) exempt the territorial solidarity contribution (CST-S) on wages and salaries for exceptional purchasing power bonuses; 2) continue the CST-S exemption for employee profit-sharing; 3) modify the VAT exemption on rentals of furnished or unfurnished accommodations for residential use; 4) update the lump sum of the environmental tax for the recycling of vehicles; and 5) abolish the declarative exemption from corporate income tax on transactions of less than 15 million Central Pacific francs (US$132,716) of pearl and mother-of-pearl companies. [French Polynesia, National ...