14 Aug 2007

Solomon Islands Inland Revenue offers tax relief to businesses in tsunami-striken areas

10:22 am on 14 August 2007

The Solomon Islands acting Commissioner of Inland Revenue has explained to members of Gizo's small business association that it will support businesses in tsunami-stricken areas, by giving some tax relief.

The SIBC reports Ronnie Piva saying businesses will be granted exemption from the tax which is generally charged at 15 to 20 percent on items purchased, to replace buildings, plants or equipment.

He says in considering the exemption, attention will be given to whether the property was insured, the taxation record of the applicant and any history of aid assistance to the property.

But Mr Piva says there is no exemption for the replacement of stock in trade, or goods purchased for resale.