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Papua N Guinea

21 November 2018

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Papua New Guinea 2019 Budget Delivered

On 13 November 2018, Papua New Guinea's Minister for Treasury delivered the National Budget for 2019 in parliament. Some of the main tax-related measures of the budget include:

  • A reduction in the loss carry-forward period to 20 years for resource companies and to 7 years for other taxpayers. Currently, resources companies may carry forward losses indefinitely, while others are limited to a 20-year period;
  • The removal of GST zero-rated status for companies that supply goods and services to resource companies;
  • An increase in the personal income tax-free threshold from PGK 10,000 to PGK 12,500 and an increase in 22% personal income tax bracket from PGK 18,000 to PGK 20,000; and
  • Amendments to allow for the introduction (entry into force) of the Multilateral Convention on Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), the Convention on Mutual Administrative Assistance in Tax Matters (MAC), and any other international treaty for exchange of information or mutual administrative assistance, as well as related amendments to restrict the disclosure of information obtained under any tax treaty (Papua New Guinea has not yet signed the MLI or MAC).

Subject to approval, the measures will generally apply from 1 January 2019.

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