There were few tax surprises in the 2020-21 Budget. However, what was not there was just as significant as what was, according to KPMG’s Tax Partner in Papua New Guinea, Karen McEntee.
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The global economy is recovering faster that expected, according to Douglas Porter, Chief Economist and Managing Director of Canadian investment bank, BMO Financial Group.
Despite initial concerns about the impact of COVID-19, Swire Shipping’s data shows only a marginal reduction in freight volumes. Alistair Skingley, the company’s Country Manager for Papua New Guinea and the Solomon Islands, tells Business Advantage PNG that the company is upgrading its offerings in the expectation of solid growth in 2021.
Oil Search has announced in a recent strategy update that it will continue to reduce costs and pull back on exploration. However, the company says it intends to make the Papua LNG project a priority.
The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.
Tourism has been one of the biggest hit sectors in the current pandemic taking a global hit worth over $460 billion across the world. The 2020 National Tourism Industry Forum aims to help the troubled industry.
Kina Bank is introducing some ambitious enhancements to its digital services. Chief Executive Officer Greg Pawson outlines his plans to Business Advantage PNG.
Papua New Guinea’s business community now has a new tool for doing business in the country: a user-friendly new online business directory.
The suspension of Parliament means that Papua New Guinea’s 2021 National Budget will be delayed until at least next month and possibly longer. Whenever it is finally delivered – and whoever delivers it – the recently released Budget Strategy Paper clearly outlines the challenges it must address.
The World Bank’s Doing Business indicators have become controversial. Paul Holden, Director of the Enterprise Research Institute, and Consultant for the Asian Development Bank Alma Pekmezovic analyse the accuracy of this tool in the Pacific Island nations.