The fisheries sector plays a vital role in the overall growth and development of the country. The sector provides employment and income opportunities, access to food sources, sustainable livelihoods and if properly managed,
assists in maintaining balance in the ecosystem biodiversity. The fisheries industry is the third largest natural resource based sector in the economy, behind sugar and subsistence agriculture. In 2015 the sector grew by 3.6%
mainly due to increased production in offshore marine fishing and beche-de-mer.
This growth enabled the sector to contribute around 1.8% to GDP as well as 13% of total export earnings.
The main contributor to the sector is commercial fishing, especially offshore tuna catches. Other contributors include beche-de-mer, aquaculture and other aquatic-based produce. The main commercial tuna species include big eye and yellowfin. These are high value commodities that are largely destined for the Japanese and the USA markets.
This incentive is available to a newly incorporated entity engaged in a new business established in the following areas:
Vanua Levu – included Taveuni, Rabi, Kioa and other islands generally included for government’s administrative purpose as being in the Northern Division. Also Rotuma, Kadavu, Levuka, Lomaiviti, Lau and Nausori-Lautoka region (from Nausori Airport side of the Rewa River (excluding township boundary) to the Ba side of the Matawalu River.
Any company may apply to the Minister for Finance in a prescribed form for an operating
The company is a newly incorporated entity engaged in a new business. The minimum initial level of investment should be $250,000
The income of any new activity approved and established between:
Import duty exemption on the importation of raw materials, machinery and equipment (including parts and materials) insofar as they are required for the establishment of the business in the Tax Free Region.
Additional 5 years of income tax exemption is available to any company granted a license and having indigenous Fijian landowner equity of at least 25 percent.
Fiji Trade Commission – Office 5, Level 5, Harbourside West Tower, Stanley Esplanade, Downtown, Port Moresby
© Fiji Trade Commission (PNG) 2019