Treasury Secretary Dairi Vele

Treasury Secretary Dairi Vele said this during a recent media conference.

The Treasurer also announced several other components of the fiscal terms of the Papua LNG Project which he said equal or are better than the PNG LNG Project.

“Production levy is just an extra tax, as it comes out of the ground, that’s where we tax you. Unlike the profitability of the company where we have to wait and see if the price is good and if the company has done good and if they paid their debts.

Speaking at the Blockchain Pasifik Conference today, the Treasury Department Secretary says the blockchain technology has the potential to become an important driver in PNG.

Blockchain technology is the backbone of a new type of internet where digital information can be distributed but not copied.

Blockchain was originally devised for the digital currency, Bitcoin, but other potential uses are now being found for this technology.

Secretary Vele says the facts are clear in the budget documents, that the only people affected by changes are those with more than K3,000 per week in accommodation cost.

“The amendment will not affect low-to-medium income accommodation rates,” Secretary Vele explains.

“This means that families in the low-to-medium income tax bracket will have no additional tax liability.

“It cannot be stated firmly enough, that the policy is clear in maintaining the existing level of taxation for tax payers in the low-to-middle cost employer provided housing.

Chief Secretary to Government, Isaac Lupari, challenged all heads of departments to change their attitudes and work together for the common good of the nation.

He said 2017 will be a tough year for the country because of budget cuts to many government expenditures.

There will be a presentation of the 2017 Budget by Treasury Secretary Dairi Vele and Planning Secretary Hakaua Harry during the event.