Papua New Guinea’s new, modern Income Tax Bill 2025 was passed by Parliament on 20 March, although it is yet to be certified into law. Karen McEntee, Partner, Business & Tax Advisory in KPMG’s PNG office, analyses the key reforms.
taxation
Papua New Guinea’s Internal Revenue Commission (IRC) recently established an online payment portal, ‘myIRC,’ as part of its strategy to take the country’s tax system online. Business Advantage PNG sits down with Commissioner General Sam Koim to see how it is going and discuss the IRC’s long-term strategy.
Papua New Guinea is increasing its debt by less than other nearby nations and the contraction of its economy is not expected to be as severe as the world average, says a Kina Bank report.
Papua New Guinea slipped 12 places in the World Bank’s ranking of ease of doing business, but are there any positive signs? David James analyses the report.
China’s new airport to open in September, a social robot could help train employees in the near future and corporate tax avoidance hits Papua New Guinea. Readings from around the world on business, leadership and management.
Papua New Guinea’s new Large Taxpayer Office (LTO) has now been in operation for three months. Karen McEntee, Tax Partner at KPMG, checks in to see how it is progressing.
Lifting the tax credit scheme to five per cent would see a big boost in road building and maintenance, according to the General Manager of West New Britain’s Hargy Oil Palms, Graham King.
The Ok Tedi mine expected to start again in March, the US formally withdraws from fishing treaty, and unions call on government to honour superannuation commitments. Your weekly digest of the latest business news.
After two years of research and hearings, the PNG Tax Review Committee is due to present its final report to Government next month. PricewaterhouseCoopers PNG’s Jason Ellis looks at the tax reform measures it is likely to recommend.
While its aims of encouraging small and indigenous business are universally supported, the Papua New Guinea Government’s recent dealings with investors have created a ‘feeling of unease’ in some business circles.
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