Foreign investment bill still a live issue: PomCCi
The proposed Foreign Investment Regulatory (FIR) bill is still a live issue for the business community in the country, according to the Port Moresby Chamber of Commerce and Industry.
PomCCI President, Rio Fiocco, stated this during the chamber’s annual general meeting held on Wednesday in Port Moresby.
He said while compromise was made to shelve the proposed bill and resort to amending the Investment Promotion Authority Act, the recent change is government has brought to the forefront the bill’s concerns to the business sector.
Recent public statements made by Prime Minister James Marape, in his current state visit to Australia, also indicated his government may pursue the FIR bill, with specific mention of the criticised section 27 on reserved business and the threshold of K10 million for all foreign investors contained in the proposed legislation.
“We are working in conjunction with the other chambers, warming hard to the government to look at changes to the proposed FIR bill.
This is still a live issue now that there has been a change of government.
“Last we were told is the investment promotion authority act was going to be amended in line with the recommendations that our various chambers have made, and there are details on the IPA website.
“For this I think it is possibly live issue with the changing government,” Mr Fiocco told his members.
He said with the stance of the chambers around the country leaning towards the IPA act amendments would give it more resources so they can do more enforcement activity to follow up to those companies that are not complying with the law, particularly tax revenue law.
“We like to think that our members comply with the laws, pay their taxes on time and are good corporate citizens.
“We know for a fact that there are a lot of companies that are new organizations that are out there, some in the remote areas that may not be complying with all of the laws in Papua New Guinea.
“We would like to see the investment authority be given the budget in enforcement, of the, not just the IPA act but also other laws such as customs and internal revenue,” he said.
PomCCI has over 300 registered members representing a wide array of industries operating in the capital city.