Safety tips for deal
- Use a safe location to meet seller
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- Beware of unrealistic offers
13th September 2021
PUBLIC NOTICE TO ALL BECHE – DE – MER BUYERS AND SELLERS
As you are aware the Ministry of Fisheries and Marine Resources (MFMR) has advised all interested Bech-de-Mer (BDM) operators, exporters, fishermen, fisherwoman and the general public throughout Solomon Islands that the BDM Fishery ban has been revoked and effective on 1st September 2021.
One of the requirements to grant a license to export is a tax clearance.
The Commissioner of Inland Revenue would like to remind all BDM buyers that they are required to deduct withholding tax at the rate of 10 cents in the dollar from the purchase price of the beche – de – mer paid to the fisherman at the time of purchase.
For example, if a buyer buys 50kgs of BDM from a fisherman at $1,500 per kg. Then the buyer shall deduct $7,500 withholding tax ($75,000 x 10 cents in $) and pay the withholding tax to the IRD together with completing Form IR16 on or before the 15th day of the month following the purchase.
Please further note that, failure to pay withholding tax to IRD together with completing Form IR16 on or before the 15th day of the month following the purchase.
Please further note that, failure to pay withholding tax, and provisional tax, or any intention to underpay tax by the license holders of beche-de-mer, a higher penalty will be imposed and your export can be halted by Comptroller of Customs on the advice of Inland Revenue.
Inland Revenue Division
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