Charles Abel

Compulsory TINs for all bank accounts

This is one of the main tax regime reforms under the 2018 Budget to identify personal bank accounts being used for business purposes.

Deputy Prime Minister and Treasurer, Charles Abel, says measures have commenced in this budget to tidy up the tax code by key institutions.

The Bank of PNG, Internal Revenue Commission, Investment Promotion Authority and commercial banks are cooperating to enforce compulsory TINs for all new and existing bank accounts.

Treasurer disappointed with report

Abel said the budget is people focused.

In an interview today, Abel said the Government is doing all it can to serve the people and nothing is sinister about the 2018 money plan.

The Treasurer, when responding to a newspaper article of the Opposition describing the 2018 Budget as ‘Fake’ said he is very disappointed with the media outlet for not getting the government’s side of the story.

He said the 2018 budget was one of the best the country has ever had, because it addresses some of the underlying issues the country is facing like the foreign exchange issue.

Abel: SWF vital for PNG

Today, Deputy Prime Minister and National Treasurer, Charles Abel, addressed the Mining & Petroleum conference, saying the Fund is a critical part of PNG’s medium term strategy in building the country’s economic resilience and saving for future generations.

The National Treasurer addressed a packed conference room, of the government’s observations on the mining and petroleum sector.

The notion to set up a Sovereign Wealth Fund stems from four key characteristics that shape how the government should think in driving the sector.

K14.7b budget handed down

Treasurer and Deputy Prime Minister Charles Abel when announcing the budget said the 2018 Budget forecasts an increase in non-tax revenue, through transferring unused balances from revenue collecting agencies to the Consolidated Revenue Fund.

The Budget comprises of K13, 099.4 million in Government funding, K593.9 million in loans and K1,024.6 million in grants with more focus on Agriculture, Education, Health, Tourism, Small to Medium Enterprise

Deputy PM assures landowners of royalty payment

He said the landowners have to get their facts right and deal with land boundaries and clan vetting exercise before the Government can release the royalty payment.

Abel added that the Government is still committed in releasing the funding that was rightfully belong to the people and will not hold back if everything is in order.

The Deputy Prime Minister was responding to questions from the Opposition leader, Patrick Pruaitch on Wednesday.

“When will the Government fulfill its commitment in releasing the royalty payment to the landowners?

Cheaper, faster internet for PNG: Abel

Deputy Prime Minister and Treasurer, Charles Abel, recently engaged with the World Bank and International Monetary Fund at meetings in Washington D.C.

Abel says the new submarine fibre optic communications cable project, and the provision of concessional financing for the restructuring of existing debt, will deliver positive economy stimulus for the economy.

Review into rental market

Deputy Prime Minister and Treasurer, Charles Abel, said he has tasked the commission to carry out the review in a bid to fully understand the factors causing high rental costs.

Abel said while the government’s initiative to make housing more affordable though is First Home Ownership Scheme is still ongoing, there are still many who rely on rental accommodation.

Accompanied by his Vice Minister for Treasury, Win Daki, Abel visited the ICCC yesterday as part of a routine stopover at various government institutions.

​Sports investment will continue: Abel

He was backed by Vice Sports Minister Wesley Raminai in wishing the PNG Prime Minister’s XIII, the PNG Orchids and the PNG Hunters teams, all the very best in their respective matches this weekend.

Abel encouraged the three national teams to get out there and show their best.

Abel reassured the country that the government’s investment in sports will continue, as PNG has proven a force to be reckoned with.

Pruaitch welcomes Oil Search decision on purchase of crude oil

Pruaitch said he stood by his earlier statement that it is in the national interest for locally produced resources such as crude oil, copper, gold, fishery and forest products to be sold to local purchasers in PNG’s national currency, the Kina.

The leader of the opposition said in a media statement today that it is an infringement of our sovereignty for lenders or any other entity to insist that domestic resources be paid for in US dollars or other foreign currencies, when selling to PNG buyers.

Abel clarifies closure of govt offices

He says the Government normally budgets for K170 million for rentals but has reduced this in the budget.

“We need to create the appropriation through the Supplementary budget that will enable Treasury to authorise expenditure up to that level to pay for the rentals,” states Abel.

However, he added they will be looking closely at government rentals and will investigate thoroughly how funds are spent on rentals.

“We’ve got to have a closer look at the Government costs where an audit team will make sure that everything is justified and fair rental has been paid.”