Income tax

But he said working Papua New Guineans can get some reprieve through the government home ownership scheme with Bank South Pacific now available to them.

The Prime Minister was answering to Member for North Fly, James Donald this morning in Parliament who asked the Government to look into cutting down Personal Income Tax.

Even while acknowledging the many challenges the country is currently facing such as the global pandemic and its impact on the economy, Mr Donald, a Member of the Opposition went on to propose the cut.

Included in its party policies, the SDP plans to reduce personal taxes and progressively increase the minimum tax thresholds over a period of time.

Party leader and candidate for NCD Governor seat, Powes Parkop, said they will encourage personal savings and individual spending on goods and services.

The policy outlines that the spending will lead to acceleration in economic growth, reducing the need for Government deficit.

When people save, it will lead to capital formation and investment, reducing the need for the Government to borrow.

PNG Party General Secretary Kila Poka said average Papua New Guineans must be able to purchase good food to improve their living standard.    

He added that tax exemptions will be placed on imported building materials and appliances to make it easy for Papua New Guineans to build decent houses.