The Solomon Islands Chamber of Commerce and Industry (SICCI) in partnership with the Inland Revenue Division (IRD) on Wednesday 1 February 2023 hosted an Information Session for businesses focusing on the Tax Administration Act.
The Tax Administration Act was passed by Parliament on 9 August 2022 and is effective as of 1 January 2023 with the purpose to simplify and harmonise the rules for tax administration; and to reduce costs for Government and businesses.
SICCI, as the peak body representing private sector, welcomes this Act seeing it as a timely initiative by Government.
“The important thing is that there is dialogue between Government and the taxpayers and in the case of SICCI, our member companies,” SICCI Chief Executive Officer (CEO), Ms Natalina Hong, said.
SICCI understands that the creation of the new Tax Administration Bill is a component of Stage 1 of the Tax Reform Agenda initiated by MoFT, launched in 2017.
“We need a tax system that is comprehensive and holistic from the starting, and one that will examine problems within the system and seek solutions to deliver a tax system that will promote economic growth and one that is fair, simple and broad-based, which ensures everyone who is liable to pay tax, pays the correct amount,” the SICCI CEO said.