Papua New Guinea Extractive Industries Transparency Initiative (PNGEITI)

Proposed bill ready for consultation

This follows the successful conclusion of a series of consultations among legal and technical officials of key government institutions, mining and petroleum companies and civil society organisations on the elements of what is proposed to be the Papua New Guinea Extractive Industries Transparency Commission.

Income tax change welcomed

This will now allow the PNGEITI to become an authorised recipient of tax data from the Internal Revenue Commission (IRC) effective January 1st 2018.

This is a change in law in the disclosure of tax information from the IRC to the PNG EITI for reporting purposes.

Initially the EITI relied on extractive companies to agree with the IRC to release tax information through waiver letters.

This practice was sometimes difficult to obtain, which caused unnecessary delays to timely release of tax information in the absence of such legal provisions. 

​PNGEITI commends ExxonMobil

PNG EITI Head of Secretariat, Lucas Alkan, citing media reports last week that 300 shipment of Liquefied Natural Gas (LNG) cargoes have been made so far, said it was pleasing to note the company disclosing such information so that the public can be kept informed.

This is three years after the first shipment left on May 25, 2014.

Operations last year produced 7.9 million tons of LNG – an increase of 14 percent from the original design specification of 6.9 million tons per annum (mta).