Analysis: Papua New Guinea National Budget reflects improving outlook in 2019

The 2019 Budget reflects an improving economic outlook says Zanie Theron, KPMG’s PNG Country Managing Partner. She points to increased private investor confidence and positive signs with foreign exchange.

2019 Budget aims to broaden economy and increase expenditure and revenue

The Treasurer, Charles Abel, has handed down the 2019 Budget, revealing a 12 per cent jump in revenues and a 9 per cent jump in expenditures. He announced changes to the income tax threshold, and an increase in capital expenditure.

The key factor Papua New Guinea’s banks and super funds look for before they will invest in your business

To get investment into Papua New Guinea businesses, sound governance is essential. That was the view expressed by super fund managers, bankers and advisers at Business Advantage’s Investment conference in Brisbane.

Companies investing locally this year but will switch to starting up new operations next year, according to round table

Companies are reducing the size of the businesses, now using excess capital to acquire domestically but may be switching to starting up operations next year. They were some of the observations in a round table discussion on Papua New Guinea’s investment environment at the Business Advantage Invest Forum in Brisbane.

People moves: United Nations, KPMG

A new Country Representative for the UN in PNG, Senior Taxation appointment at KPMG

Papua New Guinea’s 2018 Budget signals a shift away from dependence on the resources sector

The Papua New Guinea government has handed down its 2018 Budget. It indicates that the government is looking to focus more on the non-mining sectors of the economy.

Tax amnesty relief for business in Papua New Guinea

The Commissioner-General of the Internal Revenue Commission (IRC), Betty Palaso, has announced a temporary tax amnesty for business in Papua New Guinea. Penalties that would normally be imposed by the IRC on late lodgement of annual tax returns and late payments will not be applied for the rest of 2017.

People moves: Kina Group, KPMG

Kina appoints a new brand ambassador, new KPMG partner appointed 

People moves: Interim Cabinet appointments, Air Niugini, Securities Commission of PNG, Maigari Limited, KPMG, Akzo Nobel (PNG), Pacific Foam Group

O’Neill appoints new Treasurer, a new Chair of the Securities Commission, Air Niugini appoints first woman to head a subsidiary,  Ramu landowner board appointments, new partner at KPMG, a new CEO at Akzo Nobel, and a Group Operations Manager at Pacific Foam Group

Global mining major needed to re-open Bougainville’s Panguna copper mine?

Funding the re-opening of the Panguna copper mine is a key concern for a newly-formed Joint Committee of landowners, BCL and governments, says Bougainville Governor, John Momis. Independent analysts believe it is likely to come from one of the global mining majors.