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Polye: No Tax Holiday for Investors in Petroleum and Energy Sector

Opposition Leader, Don Polye, says investors in the extractive industry must not be given any tax holiday.

“I will not give tax holidays, because the market is lucrative, quality resource here and there is no justifiable reason to giving that,” says Polye.

Mr. Polye was part of the 2002 cabinet which gave tax holidays to Ramu Nickel and the LNG project, when the PNG economy needed urgent investment to boost it’s foreign reserves.

Today, Papua New Guinea has enough investments in that sector.

The country is expecting to benefit from another LNG Project to be development by Total.

During the opening of the Petroleum and Energy summit, Prime Minister, Peter O’Neill said the economy is doing well and it was the right time to invest in the sector.

“Today, with the improvements in the global economy, the rebound in the commodity prices, we see positive changes taking place, but we are still not out of the dark yet,” says Prime Minister O’Neill.

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