2016 National Budget

K26 billion deficit calls for 2016 budget review – Polye

Polye made a similar call early last year to Mr O’Neill but was implemented late and that the country that failed to cushion the external, economic shocks, resulting in cuts in public expenditures.

Polye also called on the government not to make the same mistake again!

“In 2015 the Prime Minister and his government left the 2015 Supplementary Budget to the end of the year.

“The government lied to the people in 2015 that PNG LNG gas sales was based on a ‘Forward fixed contract price’ and would not be affected by the drop in the oil price,” he recalls.

Govt to continue budget reforms: Pruaitch

In his 2016 Budget Strategy Paper, Pruaitch says the reforms must address the size and effectiveness of the public service, the service delivery capacity and cost effectiveness of the State Owned Enterprises.

Govt to consider income tax for 2016

They say this is because this discourages workers from joining the formal economy.

Preparations for the 2016 budget are continuing and the government is looking at a number of early reforms on taxes.

 These proposals are reform areas that the Government has identified from submissions to the Tax Review or analysis undertaken directly by the Review.

Future reforms to PNG’s taxation system will be aimed at improving efficiency and competitiveness of the PNG economy.