Taxation

Highlighting the current system's bias towards foreign investors and its burden on local citizens, MSME founder James Gore emphasizes the urgent need for reform to stimulate local entrepreneurship and innovation.

The current tax structure in Papua New Guinea is under scrutiny for its disproportionate advantages to foreign investors at the expense of local businesses and individuals.

He said the current tax regime is very hostile to Papua New Guineans and genuine investors with PNG’s tax rates currently the highest in the Pacific.

Juffa claimed that a significant portion of illegal and semi illegal businesses are earning profits, especially in the forestry and fisheries sectors as well as property and other poorly regulated businesses.

He added that such illegal entities are avoiding taxes and getting away with it, leaving the shortfall to be met by genuine investors like PNG SMEs and PNG wage earners.

Parliament to make amendments on tax measures

http://www.looppng.com/content/parliament-make-amendments-tax-measures

Prime Minister, Peter O’Neill has confirmed that consequential amendments will be made to some taxation measures when Parliament sits in January.

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PM O’Neill said there will be a clarification of some measures that were included in the 2017 Budget that are intended to ensure that entities who are not paying their fair share of tax will be compelled to do so.

“We need a review of some taxation measures so as to eliminate any confusion that people may have,” the Prime Minister said.

“This includes measures in the budget that have been raised by the public and businesses.

He said the Bougainville Government’s decision to tax the sale of beer was well judged. 

“All communities know that the true cost of South Pacific beer is more than the price of a carton.”

The true cost includes: