The second Business Forum sponsored by the RMI government and the Marshall Islands Chamber of Commerce was held earlier this week at the USP Campus.
Like the first forum held late last year, this one afforded business leaders a chance to engage with representatives from immigration, customs, tax, labor and the Ministry of Finance in lively question and answer sessions.
“Today’s forum is part of our ongoing effort to build a strong, inclusive, and resilient economy — one where the government and private sector work as partners, not in silos,” said Finance Minister David Paul in opening the forum Monday. “When government and business are aligned in vision and action, the entire economy benefits.”
The program was held in two half-day sessions.
Finance officials shared drafts of the four new tax laws that are expected to be introduced to Nitijela during the upcoming session that starts Monday. These also sparked discussion and comment.
They are:
- Consumption Tax Act, 61 pages.
- Tax Administration Act, 86 pages.
- Marshall Islands Excise Tax Act, 41 pages.
- Net Profit Tax Act, 52 pages.
“At the last forum, you voiced specific concerns — and we listened,” Paul said. “Since then, ministries and agencies have been working and collaborating to take concrete steps towards a more efficient business environment.”
He listed tax reform, investment and trade facilitation including foreign investment business licensing, simplifying business processes, and capacity building as areas the government is working to deliver on.