By HELEN TARAWA
MANUS Island will be declared the first corporate tax-free zone in the country, Prime Minister James Marape says.
He made the announcement at the Speakers’ Investment Summit in Port Moresby yesterday, adding that this was for the amount of negative exposure that the province had received for a long time.
Without elaborating how the tax-free zone would work, Marape urged the business community to consider investing in Manus.
“You want to do business, go to Manus and find your place there. These are the sort of areas that will be considered,” the prime minister said.
“Give discount and waiver corporate tax and we can also collect from other areas so I’m announcing that Manus will be a tax-free zone for the country.”
Marape said the economic potential of the country lay in the 22 provinces.
He said the Government would look at dividing the country into zone areas.
“We will be re-looking at our country in the economic map and to see which areas are good for what sort of economic activities and hopefully in the process whichever government that comes into place in 2022 and beyond has a luxury of the benefits of the plans that we are putting in place,” he said.
“That can also be used to drive growth in many areas.
“Life is bigger than just Port Moresby, and the economic potential of the country lies in the provinces, we just need to find them.
“We will be relooking at the map of our country to ensure that the country is divided into economic zones.
“Instead of just simply allocating budgets to provincial governments, we will be allocating resources.
“Key interventions in infrastructure will be geared towards ensuring that the economic potential and propensity of that area is harvested and drawn.”*
By HELEN TARAWA