Prime Minister Peter O’Neill has confirmed that consequential amendments will be made to some taxation measures when Parliament sits in January.
PM O’Neill said there will be a clarification of some measures that were included in the 2017 Budget that are intended to ensure that entities who are not paying their fair share of tax will be compelled to do so.
“We need a review of some taxation measures so as to eliminate any confusion that people may have,” the Prime Minister said in a statement.
“This includes measures in the budget that have been raised by the public and businesses.
“New measures have been introduced to make the taxation fairer by expanding the net to capture individuals and businesses who are avoiding paying their tax.
“We all have to share the burden and pay our fair share of tax in a respectable manner.”
The PM said everyone in our country wants to have functional road networks and public buildings, police, healthcare, education and other core government services, but these have to be paid for if they are to be properly funded.
“The amendments are not as a mini-budget but a review of consequential amendments that are, for the most part, not law but are regulations.”
The Prime Minister said reviews to the way in which Government gathers and expends revenue will continue to be made through the course of the current and next Parliament.
“We need to be constantly upgrading and refining budgetary measures if we are to get the best returns for our people,” PM O’Neill said.
“This includes not only making sure people and businesses pay the fair share of tax, but that we keep reforming other areas of government revenue, as well as processes by which expenditure allocations are made.
“The economy of Papua New Guinea continues to become more complex as the economy grows and we must reform with this development.”