SUNBIZ

PNG: Major Tax Review Proposed for Papua New Guinea

Papua New Guinea’s income tax threshold may be raised from K10,000 to K15,000, and corporate income tax reduced from 30 per cent to 25 per cent, it has been revealed.
25 Aug 2015 08:55
PNG: Major Tax Review Proposed for Papua New Guinea

Papua New Guinea’s income tax threshold may be raised from K10,000 to K15,000, and corporate income tax reduced from 30 per cent to 25 per cent, it has been revealed.

Tax Review Committee chairman Sir Nagora Bogan however said the committee was also recommending an increase of Goods and Services Tax from 10 per cent to 15 per cent.

Sir Nagora announced that to members of the Lae Chamber of Commerce and Industry, and those who attended the PNG Certified Practicing Accountants workshop in Lae.

PNG, China relations strong, trade to go up further

Papua New Guinea has become the largest trading partner and the most important investment destination for China in the Pacific region, China’s Ambassador to PNG Li Ruiyou says.

He said last year, the total trade volume between PNG and China reached US$2 billion and this year it should increase as China would spend a huge sum of money to buy two million tonnes of PNG LNG.

“As developing countries, China and PNG are at the critical stage of economic and social development thus we have every reason to join hands for further cooperation of mutual benefits in the years to come,” Li said.

Subscribe to E-Edition
pacific island top up
Air Nuigini
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: