SOLOMONS GOVERNMENT WANTS TAX BREAKS FOR INVESTORS

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HONIARA, Solomon Islands (SIBC, Feb. 24) - The Solomon Islands government is working on legislation to allow companies interested in investing in rural developments to import machinery free of duties and tariffs.

Minister for Commerce and Industries Trevor Olavae says the idea was approved in Cabinet last month and government departments are now working on the legislation to be put before parliament.

Mr Olavae says the move is to encourage industrial development in rural areas so that rural Solomon Islands can be participants in economic development.

He says many foreign investors would have liked to invest in rural Solomon Islands but are finding it hard to ship machinery in because of the high tariffs the government imposed on imported items.

Mr Olavae says that with the return of law and order, many investors will be interested in resources based in rural areas and controlled by people there.

He says the government had always wanted a broader base for economic development and this action would go inline with the government's aspiration.

February 25, 2004

Solomon Islands Broadcasting Corp.: www.sibconline.com.sb

 

 

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