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Foreign Investment (Amendment) Act 1997

THE REPUBLIC OF KIRIBATI
(No. 24 of 1997)

I assent,

(Signed) T. Tito

Beretitenti
1997

AN ACT TO AMEND THE FOREIGN INVESTMENT ACT 1985 AND THE LOCAL GOVERNMENT ACT 1984, TO REQUIRE FOREIGN INVESTORS TO OBTAIN BUSINESS AND TRADE LICENCES AND TO PROVIDE FOR ADDITIONAL COMMISSIONERS

Commencement:
1997

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

Short Title

1. This Act may be cited as the Foreign Investment (Amendment) Act 1997.

Amendment of Section 5

2. Section 5 of the Foreign Investment Act 1985 as amended by Section 2 of the Foreign Investment (Amendment) Act 1996 is amended in subsection (1) by adding the following paragraphs at the end of the subsection:

"(i) The Secretary for Information Communication and Transport;

(j) The Secretary for Line and Phoenix Development."

Amendment of Section 6

3. Section 6 of the Foreign Investment Act 1985 is amended in subsection (1) by repealing the numeral "4" and substituting the numeral "5".

Amendment of Section 11(4)

4. Section 11(4) of the Foreign Investment Act 1985 is amended by "repealing subparagraphs (a) and (b)".

Repeal of Section 13

5. Section 13 of the Foreign Investment Act is repealed.

Amendment of Section 50(3) of the Local Government Act 1984

6. Section 50(3) of the Local Government Act 1984 is amended by repealing the full stop at the end of the proviso and adding the following:

"other than the Foreign Investment Act 1985".

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FOREIGN INVESTMENT (AMENDMENT) ACT

EXPLANATORY MEMORANDUM

The purpose of this Act is firstly to change the law so that foreign investors have to obtain all the licences and permits required for them to carry on in business on the same basis as I-Kiribati business people do and secondly to provide additional member to the commission.

Section 2 adds the Secretaries of Ministry of Information, Communication and Transport and Ministry of Line and Phoenix Group Development as Commissioners.

Section 3 increases the quorum for meetings of the Commission from 4 to 5.

Section 4 formally repeals section 11(4)(a) and 11(4)(b) of the Foreign Investment Act 1985, those provisions having been superseded by section 82 and Schedule 8 of the Income Tax Act 1990 and section 4 of the Customs Act 1993 respectively.

Section 5 repeals section 13 of the Foreign Investment Act 1985 so that instead of the Foreign Investment Commission being deemed to be the local council in the case of Foreign Investors, the councils themselves will deal with licensing matters relating to their own bye-laws.

Section 6 amends section 50(3) of the Local Government Act 1984 so that a foreign investor will now have to pay for local council licences even though they have obtained foreign investor registration.

Michael N Takabwebwe
Attorney-General
November 1997