Manus to be "Tax free haven"
Manus Province will be the first in the country to be a corporate tax free zone.
Prime Minister James Marape announced this yesterday at the 2nd Speaker’s Investment Summit in Port Moresby while addressing the business community.
This was also his first time to address the business community since he became a member of parliament.
Mr Marape said under his leadership one of the key areas they will be looking at are the economic zones for the country. As a result he said they will be looking at the economic map of this country to ensure that PNG is divided into economic zones in order to see what areas are conducive for economic development.
The announcement on free corporate tax was one of many other initiatives he highlighted to businesses.
He said this is so that, instead of budget allocations being given to the provincial governments, they will be allocating resources and key interventions and infrastructures towards ensuring that the economic potential and propensity of that area is grown.
“Life is bigger than just Port Moresby, and the economic development of our country lies in the 22 provinces. We just need to find them. Manus will be declared as the first corporate tax free zone in our country. You want to do business, go to Manus Province, find your place there,” he said.
Mr Marape said either they give discount or waiver corporate taxes, there are still some other areas that they can collect revenue from.
“I’m announcing that Manus will be a tax free zone for our country for the amount of negative exposure Manus has been getting for a long time.
So there will be a combination of key policies that we will be doing as a government to ensure that we stimulate economic growth in our country.
We are not here to chase you.
If you feel that some of the policy interventions are harsh, forums like these and also individual one on one discussion with your sector or with your company is something that we will be open to for discussion,” he assured.
He said all the ministers including himself will be on call all the time to listen to the business community as they want to partner well.
“But we also feel that we want to gain for our country, and so finding the right pitch is something that we all must endeavour to achieve, because when we have a healthy prosperous and wealthy PNG, those of you who are in business here will be here for a long time,”he said.