Prime Minister James Marape told the business community that foreign businesses that would be operating in the free trade zone areas and have the potential to invest over US$20 million would attract a 10-year tax holiday. “We’ve been giving tax holidays to the extractive sector especially the oil and gas companies why not give it to simple businesses who want to also invest in those areas,” he said.
Businesses both foreign and international are asked to comply with regulations. Investment Promotion Authority’s director investor servicing and promotion division Daroa Peter said they do not want to chase investors away however they want companies to comply.
Acting registrar of companies Harriet Kokiva said: “It is not a good excuse to say that my company is an SME or was not aware of the companies requirements or it has been struggling with finance. We don’t see this as a good excuse because by law directors they are responsible for the day to day running of their companies being compliant and they are solemnly responsible to know their obligations under the Companies Act before starting a company or even during the course of running that company they must know this information.”