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Income tax incentive vetoed along with four others

Palikir, POHNPEI (FSM Information Services) – President Joseph J. Urusemal has vetoed several measures transmitted by the Fourth Regular Session of the 13th Congress of the Federated States of Micronesia held in October 2004.

Foremost among the President’s vetoes were two measures, the first (CA No. 13-70), proposed to create an income tax incentive for “large foreign corporations to incorporate in the FSM,” while the second (CA No. 13-74), aimed at expanding the duties of the Registrar of Corporations to include “ promoting and facilitating the formation of major corporations in the FSM.”
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