O’Neill said the reassessment and any reform that follows aims to make the tax regime friendlier.
The Prime Minister announced this during the 2018 Prime Minister’s Back to Business Breakfast in Port Moresby.
Prime Minister O’Neill advised the business community, who turned up in numbers, that some of the tax rates imposed on businesses and individuals are excessive and said interventions will be done.
“Our Government is now in the process of reforming that with a desire to reducing those rates in a sustainable but gradual manner. That will begin of course in the next financial calendar year,” said the Prime Minister.
While announcing the potential reforms, O’Neill also said tax revenue collection was low and said some businesses did not pay their share of tax.
He said the Government will also address the ad hoc tax collection to ensure all are compliant to the tax laws.
“There are a number of businesses not paying their fair share of taxes. We are not asking businesses to pay more tax. We are asking all of us to pay our fair share.”
The tax reforms announced by the Prime Minister is one of many reforms focused on by the Government.
Among them include the National Election, Public Services, State Owned Enterprises and the Tax Credit Scheme.