Revenue

On top of that, it is dealing with about K10 billion in investments in sustaining capital expenditure on existing mines.

When presenting at the 17^th PNG Resources and Energy Investment Conference in Sydney, Mining Minister, Sir Ano Pala, told attendees that two prominent projects worth over US$11 billion (K41bn) of potential new capital investments are:

When IRC Commissioner General, Sam Koim, took office in 2019, his team started exploring options of reducing the cost of tax administration by adopting effective collection measures, plugging leakages and improving compliance.

He outlined that IRC shares the cry of PNG’s working class concerning the high rates of taxes imposed on their salary and wages. However, they have to offer the government an alternative to offset the foregone revenue, that is why IRC aims to make GST the number one revenue earner for the government.

Autonomous Bougainville Government (ABG) President, Ishmael Toroama, said they will be launching Bougainville Refinery Limited and the Bougainville Water Bottling company.

“These two new companies are initiatives of this government and will begin earning much-needed revenue for Bougainville,” he said during the 2023 dedication service yesterday.

“It is time we stop looking at tax as the only viable revenue earner for Bougainville and start earning revenue that comes directly to the government from our investments.

The result follows record production for the company and improving global oil prices.

The company recorded a full year production of 30.31 million barrels of oil equivalent (mmboe) for 2017 after a fourth quarter total production of 7.59 mmboe.

Additionally, a 5 percent increase in global prices saw the company surpass estimates.

Oil Search managing director, Peter Botten, said the company finished 2017 strongly, with full year production at the upper end of their guidance range and an all-time record for the company.

This was revealed by Mining Minister Byron Chan during the signing of the revised Ok Tedi Memorandum of Agreement (MoA) on June 6^th in Tabubil.

Chan said from this amount, K20 billion in benefits has been received through goods and services, compensation, training and education, tax credit scheme projects, royalties, levies and dividends.

The revenue generated comes off the back of the mine producing 12 million ounces of gold, 4.5 million tons of copper and 29 million ounces of silver within the same 30-year period.

Finance Minister, James Marape, said this today during the Finance Departments announcement of the Public Finance Management Act 2016 in Port Moreby.

Marape told dignitaries and public servants at the event that PNG’s development needs since independence has always exceeded the country’s budget.

“The need of our country has always exceeded the actual fiscal cash we have on hand to run our budget. That is something that everyone of us, including our public commentators must appreciate.

Acting chief executive officer for Coffee Industry Corporation (CIC) Charles Dambui said smallholders contribute the bulk of cherry beans for export because it puts money in their hands to pay for school fee, food, customary obligation and list goes on.       

“Nearly 3.3 million people of PNG depend either directly or indirectly on coffee for their economy, social and food security.”

But the industry continues to decline, with less bags exported over the years, says Dambui.

“In 2011 was the last time the industry export more than 1 million bags.”