The National Government has reduced the Log Export Tax in the 2024 National Budget to address concerns pertaining to the performance of the country’s forestry sector. According to the Treasurer, Mr. Ian Ling Stuckey, the State lifted the Log Export Tax in the 2023 Budget to a whopping 70% from the previous 50%, saying that the increase was to raise additional revenue to support the establishment of the Biodiversity and Climate Change Fund and to strengthen downstream processing policy of unprocessed logs. However, in the 2024 Budget, the Log Export Tax is expected to be reduced back to 50%. The…
Author: Emmanuel MAIPE
Families on annual income salaries ranging from K20, 000 and below can expect to be excluded from paying income tax next year after the government moved to make permanent the Income- Free Threshold in the 2024 National Budget. The Treasurer, Ian Ling Stuckey said this should continue to assist low and middle- income families to be able to support themselves in light of the high cost of living currently experienced. “The Marape- Rosso Government will make permanent the increase in the tax- free threshold to K20, 000 at an estimated cost of K280 million,” said the Treasurer in his recent…
A local company, Hela Investment Ltd, has partnered with Puma Energy through a Memorandum of Understanding (MOU) that aims to bring participation from Puma Energy to co- invest in sustainable economic projects in the Hela province. This recently signed MOU has forged a new development partnership between the people of Hela province and Puma Energy, opening up opportunities for both parties to invest in. “This MOU sets the pace for participation in socio-economic projects especially within the clean energy space which Hela Investment has engagement within,” said Puma Energy PNG Chairman and Managing Director, Mr. Hulala Tokome. The MOU was…
The Chief Executive Officer (CEO) of Puma Energy was in country recently for a visit and wants the matters pertaining to the Foreign Exchange (FX) and fuel supply issues to be resolves, so as to restore confidence in the service that the fuel company is providing in the country. The CEO, Mr. Hadi Hallouche said Puma Energy is committed to Papua New Guinea (PNG) and it would great to see the FX issue regarding the purchase fuel, fully resolved going forward. “We are committed to PNG’s future; however, I cannot stress enough the seriousness of the current short-term issues and…
The country will in the coming weeks and months, see the flights of the massive C-17A Globemaster aircrafts over Papua New Guinea (PNG) airspace as part of a big logistical training exercise conducted by the militaries of three countries. Two of these aircrafts were involved in a parachute drop of fifteen Australian Army personnel as part of a demonstration by the Royal Australian Air Force (RAAF) C-17A over Nadzab Tomodachi International Airport just outside Lae, yesterday. The two C-17A aircraft are currently flying in PNG skies as part of Exercise Global Dexterity 23-2, which will involve up to three C-17A…
The sky over the Nadzab Tomodachi International Airport just outside Lae city was invaded today by two C- 17A Globemaster transport aircrafts dropping down man on parachutes and cargoes as if to overrun and take control of the airfield, but it’s not that, rather it’s a ceremony to mark the 80th anniversary of the allied landing at Nazab during World War Two. Speaking at the significant ceremony today at Nadzab, the Australian Acting High Commissioner, Dr. Joanne Loundes, gave a brief history of what happened all those years ago that turned the tide in the Pacific War against imperial Japan.…
The National Government’s Connect PNG Program has received a sizable allocation in the 2024 National Budget, showing the government’s focus on continuing to create road links to bridge service and development to the people in parts of the country. The Treasurer, Mr. Ian Ling Stuckey said the allocation comes under the Capital Budget of K10.7 billion, which in itself is the largest in the history of National Budgets in Papua New Guinea (PNG). “The largest part of the Capital Budget is our own funded Public Investment Program, the PIP budget,” said the Treasurer. It is under this PIP budget that…
The Commissioner General of the Internal Revenue Commission (IRC), Mr. Sam Koim is not happy with the 2024 National Budget that was presented by the government to parliament this week in Port Moresby, because it did not include some of IRC’s legislative proposals. Speaking to tax agents at the opening of the annual Tax Agent Liaison Group Meeting on Wednesday in the city of Port Moresby, Mr. Koim said the proposals for legislatives for the improvement of tax administration in collecting tax revenue, was not taken into the budget for next year. “The budget was disappointing, I have to say,”…
The continuous law and order problem, which saw an increase this year, has been an eye opener for the State, resulting in the government allocating over K200 million for the police in the proposed 2024 National Budget. Speaking during the introduction of the record K27.3 billion 2024 National Budget this morning, the Finance Minister Rainbo Paita said the huge K287 million allocation will greatly assist police in their welfare and operational matters. “This has not happened before. We have put in a massive allocation to cater for their needs,” said the minister. Mr. Paita said this should cater for housing,…
The people of Abau district of the Central province will in the near future have the services of electricity and even water, reaching them. This was made known in this sitting of parliament by the Minister for State Enterprises, William Duma, when responding to questions from Member for Abau, Sir Puka Temu, on the status of electricity supply to the Central province, especially his electorate of Abau. Sir Temu said that with the new state of the art Edevu Hydro dam coming on line, there is now sufficient energy supply that would reach both the parts of Central province Eastwards…