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SPSE welcomes Tax Amendment

18/02/2011
 
PRESS RELEASE
 
SPSE WELCOMES TAX AMENDMENT
 
The South Pacific Stock Exchange (SPSE) welcomes the amendment to the fourth schedule of the Income Tax (Budget Amendment) Decree 2010 through a Corrigendum released by the Office of the Solicitor-General.
 
This Corrigendum clarifies that a lower corporate tax rate of 20% will apply to any company listed on the South Pacific Stock Exchange provided the company has at least 40% in local shareholding. The tax incentive is applicable for a minimum of 3 years from the time of listing. The standard corporate tax rate is currently 28%.
 
SPSE CEO, Ms Jinita Prasad said, “We are very pleased to witness the full co-operation and enthusiasm of relevant authorities in amending the fourth schedule of the Income Tax (Budget Amendment) Decree 2010 which entailed the Government’s 2010 Budget announcement. While the incentive has been in place for a year now, there was ambiguity surrounding the application of this clause especially on the duration of this incentive. This was one of the reasons why potential companies remained hesitant to enter the stock market in 2010.”
 
She further added, “now that the schedule has been amended, this incentive will encourage local private companies to consider their option to list on SPSE and we will work with other capital markets professionals to encourage companies to take advantage of this opportunity.”
 
The fourth schedule has been amended as follows:
“Any company listed with the South Pacific Stock Exchange and has a minimum of 40% resident shareholding is eligible for this tax rate for at least 3 years……………………………………………….………………...………20%”
Should you require any further information on this issue, please do not hesitate to contact us.
 
 
 
Jinita Prasad              
Chief Executive              
18/02/2011
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