Over K14m in revenue, grants: Treasury

Deputy Prime Minister and Treasurer, Charles Abel, says this is 5.1 percent higher compared to the 2018 Supplementary Budget estimate of K13 million.

In compliance with the PNG Fiscal Responsibility Act 2006, which was amended in 2017, the 2018 Final Budget Outcome Report was released via the Treasury website on the 31st of March, and announced on the 1st of April in Port Moresby.

K14.7b budget handed down

Treasurer and Deputy Prime Minister Charles Abel when announcing the budget said the 2018 Budget forecasts an increase in non-tax revenue, through transferring unused balances from revenue collecting agencies to the Consolidated Revenue Fund.

The Budget comprises of K13, 099.4 million in Government funding, K593.9 million in loans and K1,024.6 million in grants with more focus on Agriculture, Education, Health, Tourism, Small to Medium Enterprise

Tax oversight to affect superfund Members

ASFPNG Interim President and Chief Executive Officer (CEO) of the National Superannuation Fund (NASFUND), Ian Tarutia, said a letter has been addressed to the Secretary, Dairi Vele, to look into the issue.

Tarutia said some of the taxation laws in the proposed amendments have resulted in some ‘unintended consequences,’ such as double or triple taxing of dividend income from companies.

This he said will have an impact on dividends paid to members at the end of the year.

Government maintains rural funding

Treasury Minister, Patrick Pruaitch, made the statement in the publication of the 2016 Second Quarter (Fund Released Report).

Pruaitch says the funding to the Provinces, Districts, and Local Level Governments are to to implement priority projects and while maintaining transparency at all levels of Government.

Pruaitch says the Government remains committed to achieving development across the country, particularly through its continued efforts to transform the rural economy.

Oro treasury office ransacked

A frustrated Governor Gary Juffa stated that the continued effort to address corruption in Oro has uncovered what appears to be a syndicate of individuals including administration, treasury and bank staff collaborating with criminals and other private citizens to defraud the province and the people of their funds and is revealing interesting names.