Planned enterprises can receive incentives from special economic zones

In the Special Economic Zone (SEZ) of Papua New Guinea, existing businesses are required to redesign their business plans to comply with the relevant requirements for obtaining incentives within the region. The Chairman of the Special Economic Zone Authority (SEZA), Varigini Badila, stated that existing enterprises can apply for relevant benefits through innovation and increasing employment opportunities.

Badira pointed out that companies need to provide sufficient reasons to demonstrate how they plan to promote national income growth in order to obtain corresponding fee and tax reductions. As long as you can demonstrate innovation in your existing business and contribute to new employment and expected income, we can evaluate it, "he said.

At present, economic zones have established various types of applications and fees related to the operation of the zones, including expenses for applying for subsidies and extensions. The fee for applying for an economic zone license is 10000 Kina, while the fee for being an economic zone user is 7500 Kina. In the extension application, the license fee is 500000 Kina, while the user fee is 2500 Kina.

Badira also emphasized that the 2019 Special Economic Zones Act, which is currently being revised, aims to better support the development of the private sector and create employment opportunities. Our goal is to enable the private sector to generate more income for the country, "he pointed out.

He added that cooperation with the business community is crucial to creating an environment that promotes the development of Papua New Guineans, which is also the core intention of the bill. Badira reminds all enterprises that the application process is the only way stipulated by the law and must strictly follow the relevant procedures.