18 Mar 2005

Solomons finance minister says tax reform will promote private sector development

9:20 am on 18 March 2005

The Solomon Islands Minister for Finance and Treasury, Peter Boyers, says tax reform will help increase the pace of private sector development.

The Solomon Islands Broadcasting Corporation reports Mr Boyers as saying this will happen through the reducing the costs of doing business and providing the taxpaying community with more certainty.

Mr Boyers has announced a request for an independent assessment of the Solomon Islands taxation system.

He says he has written to the Pacific Financial Technical Assistance Centre in Fiji, requesting them to undertake a detailed review of the taxation policies and structures of Solomon Islands

Mr Boyers says the review will include an evaluation of the current tax system to further identify its major policy problems, and propose legislative changes to rectify these issues.

He says he has also asked the Centre to provide a detailed strategy for the implementation of tax reforms over the next few years.

Mr Boyers says the strategy will include an extensive consultation process with the business community and the general public.

He says the tax reform will lead to more jobs for Solomon Islanders and increased living standards.