Patrick Pruaitch

Pruaitch’s party to partner with Pangu

Speaking at Grand Chief Sir Michael Somare’s 80th birthday celebrations in Wewak, East Sepik Province last weekend, Pruaitch said, it is about time Sir Michael’s current and former parties get together and work as one to carry on Sir Michael’s legacy.

Pruaitch is currently the leader of the National Alliance Party of which Sir Michael was part of.

Pruaitch calls for review on consumer papers

The review commenced in 2014 and is expected to be completed by 2016 and a report presented to the Government for appropriate action.

The papers are entitled “Consumer Protection and Fair Trading” and “Regulated Industries”.

Pruaitch said the Consumer and Competition Framework Review is part of the Government’s ambitious reform agenda which will continue throughout 2016.

He said the issue papers seek views of stakeholders on various issues.

Tax reform report presented to Treasurer

Committee Chairman Sir Nagora Bogan in a formal ceremony handed volumes 1 and 2 of the TRC reports to the Treasurer Patrick Pruaitch.

The report is the culmination of an intensive, robust, open and transparent consultation with a wide cross-section of stakeholders, workshops and technical summit, empirical analysis, diagnostic reviews, and comparative benchmarking with international best practices.

The review was conducted over a period of 26 months from Sept 15, 2013 to Oct 24, 2015, but was delayed by eight months due to bureaucratic ineptitude and red tape.

Committee urges Govt to broaden personal income tax

Chairman Sir Nagora Bogan when presenting the Taxation Review to the Treasurer Patrick Pruaitch today, says the review recommends that the current tax free threshold of K10,000 be increased to K20,000 as the budget condition allows.

He said the cost to revenue of a threshold of K20,000 is estimated to be about K560m assuming no other changes to marginal tax rates.

He said increasing the tax free threshold to K15,000 is estimated to cost K283 million.