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Port Moresby
January 26, 2022
Business Featured Momase News

Lae MP: Government must cut tax grace period for foreign investors from 10 years to three years

Lae MP, Loujaya Kouza says the National Government needs to take the necessary steps to make revenue when the country is going through a downturn in the economy.

It comes when the National Government announced that the 2017 national budget is aimed at encouraging business and investment growth.

Kouza says SME’s must be developed and the ten-year grace period for foreign ivestment must be cut down to three years.

Lae is feeling the pinch of the economic downturn. There have been unreported cases of employees being put off their jobs.

Construction companies, PNG made manufacturers, and supporting services have all cut back on employees.

Workers are getting laid off because businesses can’t find the foreign currency to import, and pay their bills.

Positions have been made redundant and workers asked to stay home.

Lae MP, Loujaya Kouza has called on the National government to make a series of changes to ensure that the economy makes money for the foreign reserves.

She has called on the Government to sell off expensive assets, and cut the 10-year tax grace period enjoyed by foreign companies.

The National Executive Council who has been advertising the country as a prime investment destination- a growing economy with the right condition- they may not welcome Kouza’s call.


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