Technically no. The stamp is of Tonga issued in 1942. At that period Tonga was a Protected State not a Colony - i.e. it had its own ruler and internal government and Britain was only able to control its foreign policy. But if you just mean 'Will I find it in a British Commonwealth catalogue?' - yes.
Hobsun may be right about the date. You need to check the watermark. Turtles are 1934, CAs are 1942. I assumed the latter because it is more common, but I may be wrong.
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