The MSME Council of Papua New Guinea (PNG) is looking to roll out its 2024 annual plan, which will include working together with key partners like the Center for Excellence in Financial Inclusion (CEFI) for its Trainer of Trainers program to support its financial literacy programs. The Council’s Executive Director, Ms. Yolanda Bafmatuk said that in the initial discussions they were able to discuss with CEFI and come up with four different trainings, one for each of the four quarters of the year, to cover for the Small and Medium Enterprises (SMEs). “Apart from that we are keen on also…
Author: Emmanuel MAIPE
The country will see a slight increase in both loans and grants next year as support coming in from Papua New Guinea’s (PNG) development partners towards funding the 2024 National Budget. The total of grants and loans for 2024 amount to K3, 418.8 million, which comprises of K1, 213.8 million in loans and K2, 205 million in grants. The 2024 grants increase 8% from 2023 total in grants and loans increase 4% from 2023 total in loans. According to the country’s Treasurer, Mr. Ian Ling Stuckey, the total loans and grants account for 32% of the Capital Expenditure Budget of…
The Internal Revenue Commission (IRC) of Papua New Guinea (PNG) in its endeavor to enable ease in tax payments and increase tax collection, has put in measures to improve all that and one of such is the Tax Portal (myIRC), which taxpayers and tax agents are encouraged to fully utilize. Ms. Ketty Masu, the Director of Taxpayer Services and Policy Division who spoke at the recent annual Tax Agent Liaison Group Meeting in Port Moresby, said the tax portal is a new way of communication between taxpayers, tax agents and the IRC. “It’s a good channel of communication, with this…
The long awaited restart of operations for the Porgera Mine in the Enga province is set to take place next week with the New Porgera Limited (NPL) announcing that the mine will reopen for business on the 22nd of December. NPL in a statement today stated that all legal and contractual conditions necessary for the reopening of Porgera Mine have now been met and the mine is set to officially restart operations, with the first gold expected to be poured in the first quarter of 2024. As Prime Minister (PM) James Marape noted in a speech today in Sydney at…
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…
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.…