Investors exempt from new permit

To an outcry from the business owners that they cannot expect to continue to pay more fees into Government coffers on top of what they are already paying, Industry Development Officer, Joe Iauko, explains that all existing companies will be exempted from the current financial provisions for the next five years.

The Industry Development Officer gives the assurance while presenting a new Government regulation to local investors at a consultation workshop at the Shefa Conference Hall yesterday.

He says it is most important that the draft regulation is circulated to every stakeholder and all relevant Government and Private Sector institution before it is finalised for tabling in parliament.

The young professional makes the presentation on behalf of the Director of the Department of Industries, Jimmy Rantes, Parts 1 – 7 of the Industrial Development Act No. 14 of 2014, to local exporters, owners of local manufacturing companies, as well as senior officials of the Vanuatu Chamber of Commerce and Industries and the Secretary General of Shefa Province, Michel Kalworai in whose Province Port Vila is located.

The Act was passed by parliament and gazetted in July of this year.

The biggest concern raised by the business community in the consultations workshop is more costs members are expected to pay “on top of the costs” they are already paying to operate their businesses.

However Iauko says only newly set up business companies that set up now and in the next five years will be required to comply with the new provisions. If on the other hand the existing companies do not comply with the law within the current specified period of six months, then they will have no choice but pay the fee after the dateline expires.

Iauko concentrates on Part 3 – Powers of the Department which covers

• Industrial Permit

• Suspension of an Industrial Permit

• Cancellation of an Industrial Permit

• Appointment of other person to perform specific tasks on behalf of the Department and

• Inspection of industries.

All existing companies have until the end of the year to make sure they do not pay the penalty.

After Shefa, the Department is expected to travel up to Torba Province to hold a similar consultation workshop with the local investors there before moving down to Sanma Province then Penama Province, followed by Malampa Province and finally Tafea Province to complete the consultations.

He calls on all participants of the workshops to read and understand the Industrial Development Act to understand it saying, “This is the outline of the rational as to why we have come to develop the Ministerial Regulation, to fully complement what consists of the Industrial Development Act.

“The Director of the Department of Trade welcomes all forms of criticism – both positive and negative to help us to develop a home grown provision that we can be proud of and identify with as our own”.