The CNMI government is finalizing drafting of regulations that will pave the road for the implementation of a new set of tax incentives contained in a recently-signed law.<\/p>\n
The new incentives have been identified in fresh attempts by the government to revitalize the local economy by spurring growth in the private sector.<\/p>\n
The incentives can result in a 100 percent abatement of all local taxes and a 95 percent rebate of federal taxes for new businesses for up to 25 years.<\/p>\n
These regulations, which will accompany the Economic Incentive Act of 2000, will be released soon, according to officials.<\/p>\n
The Economic Incentive Act of 2000 provides substantial tax incentives to new investments or those seeking to expand existing facilities in the Northern Marianas.<\/p>\n
The tax incentives are remarkable and reflect the commonwealth\u2019s commitment to work in cooperation with developers who wish to expand into the region.<\/p>\n
Aside from a string of inquiries and a group of Korean businessmen wishing to pour in $25-million for shooting range facilities on the islands, foreign investors have shown little interest in putting up significant amount of money into the Commonwealth since 1997.<\/p>\n
A little over 10 foreign businesses have so far agreed to pump in combined investments of less than $10 million between February 1997 and middle of last year, according to the Foreign Investment Office of the commerce department.<\/p>\n","protected":false},"excerpt":{"rendered":"
The CNMI government is finalizing drafting of regulations that will pave the road for the implementation of a new set of tax incentives contained in a recently-signed law.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56745","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/56745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=56745"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/56745\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=56745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=56745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=56745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}