21 Mar 2007

Inland Revenue in Solomon Islands to assist new businesses

1:44 pm on 21 March 2007

There is to be assistance for new businesses setting up in Solomon Islands.

The acting Commissioner of Inland Revenue, Ronnie Piva, says a recent audit has revealed that parts of the business community is either under declaring or not declaring income and some are not submitting tax returns.

He says this cost the government more than one million US dollars in the last year.

Mr Piva says a team is also being set up to target those leasing property because inland revenue received well under its expected tax revenue in that area.

He says they are also looking at how to help new businesses.

"The current economic climate has meant a lot more Solomon Islanders are setting up in businesses. This is good news for them and our economy as a whole. I am however, concerned that many people starting up in businesses are not registering with inland revenue and therefore not complying with their legal obligations. Anyway, we are currently looking at how we can help businesses understand and comply with these obligations."

He says this will include the development of skills like good record keeping that they need for their businesses to be successful and to grow.