New Treasurer tasked to review tax arrangements

Minister Basil said this during the handover takeover of the Treasury Ministry on Thursday in Port Moresby.

Basil takes over Treasury from Charles Abel, who is now Finance Minister.

Treasurer Basil said the Terms of Reference given to him by Prime Minister Marape are in line with the Prime Minister’s goal of PNG being the richest black Christian nation.

The ToR includes:

Govt yet to ID right landowner group

Deputy Prime Minister and Treasurer, Charles Abel, said this recently when asked for an update on the payment issue.

More than two Koiari landowner groups have popped up in recent years, creating complications when it comes to the disbursement of royalties or land vetting and mobilisation funds.

The most recent issue encountered was when a large group of locals shut off water valves at the hydrostations on the 22nd of March, demanding K10 million in payment.

International experts to help with tax issues

PNG’s Treasury has entered into an agreement with the Organisation of Economic Cooperation and Development to see this through.

The Government has invited the Organisation of Economic Cooperation and Development (OECD) to assist them with some auditors to look at cross border transactions.

Deputy Prime Minister and Treasurer, Charles Abel, said these international taxation experts will also help the Internal Revenue Commission better manage the issue of multinational companies’ transactions.

K16bn budget for 2019

During the Budget Lock-up Minister Abel said the 2019 budget builds on the considerable progress that has been made under the framework of the 100 Day Plan this year.

With the theme, ‘Building A Broader Based Economy’ Treasurer and Deputy Prime Minister, Charles Abel, said the Government will continue to meet its primary commitments to Infrastructure, Education, Health, Law and Order, Agriculture, Tourism and SMEs.

DPM returns after marketing PNG’s sovereign bond

The DPM and delegation covered Singapore, Hong Kong, London, New York, Boston and Los Angeles in 10 days.

In a packed schedule arranged by global lead coordinator Credit Suisse and joint bookrunners Citibank, the delegation presented to around 100 global banks and fund managers at 7 meetings per city.

“Our international partners have done a fantastic job in arranging meeting and providing advice. The interest has been really good with full meetings, including all the major players,” said Abel in a statement.

K24.3bn in debt paid: Treasurer

Treasurer and Deputy Prime Minister Charles Abel said the Government is on par with fulfilling its obligations and repaying loans as scheduled.

Abel sought leave from Parliament today to announce the country’s debt in the first three months after being asked by Namatanai MP Walter Schnaubelt in the last sitting of Parliament.

Abel explained that the Government’s debt was paid in month-by-month basis and varies depending on the obligations that the loan scheduling, in relation to different types of financing, the Government had.

Govt owes companies over K290m

This was revealed to Treasurer and Deputy Prime Minister, Charles Abel, during a meeting with the Port Moresby Chamber of Commerce and Industry (POMCCI).

The POMCCI presented to the Government the long list of outstanding debts owed to its 16 members, from over 320 current members.

Abel, along with Internal Revenue Commission Commissioner, Betty Palaso, and Deputy Commissioner Dr Alois Daton, met with POMCCI President, Rio Fiocco, CEO Dave Conn and CPL Managing Director, Mahesh Patel.

Treasurer meets with Nambawan Super

Abel stated that the recent National Court decision on the liability to Nambawan Superannuation Fund is part of the debt that accrued before 2009 from unfunded state superannuation contribution for public servants.

“The Government has been paying all fortnightly contribution since then and gradually paying down the inherited debt through budget appropriations such as the K150 million in this year’s budget,” he said.

Tariffs not revenue generating measure: Abel

Responding to the Opposition’s media statement early this week, Deputy Prime Minister and Treasurer, Charles Abel, says he believes the tariffs introduced will not have a huge impact on prices, while the long term goal is boost the local industry.

In statement released on Monday, the Shadow Treasury and Finance Minister, Ian Ling-Stuckey, said PNG families will be facing much higher prices in 2018 because of poor Government policies.

Compulsory TINs for all bank accounts

This is one of the main tax regime reforms under the 2018 Budget to identify personal bank accounts being used for business purposes.

Deputy Prime Minister and Treasurer, Charles Abel, says measures have commenced in this budget to tidy up the tax code by key institutions.

The Bank of PNG, Internal Revenue Commission, Investment Promotion Authority and commercial banks are cooperating to enforce compulsory TINs for all new and existing bank accounts.