The Minister for International Trade and Investment Richard Maru is adamant to ensure that his new ministry will deliver the much-needed economic improvement the country needs, by improving trade and investments through the newly created Department of International Trade and Investment. Minister Maru, who spoke at the official announcement last night of the new Acting Secretary for the new department Ms. Jacinta Warakai Manua, said it is now time to look at the non-mining and petroleum sector to build investments and trade with other countries. Maru said the country has depended too long on the mining and petroleum sector for…
Author: Emmanuel MAIPE
The increase in the Corporate Income Tax set for 2023 for commercial banks has once again received skeptical remarks, this time from the bankers. The most recent was from the outgoing Chief Executive Officer (CEO) for the BSP Financial Group Limited (BSP) Mr. Robin Fleming, who said that the increase will only lead to negativity in the banking sector. He said the country needs good and health competition in the private sector, which includes the banking sector, and that such increases to raise a revenue of K240million to fund core government services as per the 2023 National Budget, has the…
The Wafi- Golpu Mine Joint Venture project in the Morobe province is one of the major mining projects in the country that is progressing towards its construction phase, despite calls from environmental groups and landowners to halt the process until a sustainable method of mine waste management is sourced out and approved by all parties concerned. Just this week at the 16th Papua New Guinea Chamber of Mines & Petroleum Conference 2022 in Sydney, Australia, the Mining Minister Sir Ano Pala announced to the audience and potential investors that the projects going through the permitting process are the K5.3billion Wafi-…
The start of every new sporting season can be troublesome when it comes to finding a sponsorship, especially when a sponsorship deal is only for just one season. That is the case with the Port Moresby Australian Football League (AFL) competition where the sponsorship by Moni Plus is just on an annual basis, leaving the Port Moresby AFL Association requesting at the end of every season for sponsorship for the next season. However, the Association President Mr. Douglas Lai said they will be seeking to lock in a three-year sponsorship deal going forward to address this matter. “This is because…
The National Government’s intention to increase the Corporate Income Tax on licensed banks for next year will not only have implications on the operations of commercial banks but could see a decline in investments in the banking sector. That’s the message from the Executive Director of the Papua New Guinea (PNG) Institute of National Affairs (INA) Mr. Paul Barker, who was skeptical about the increase in this particular tax. “We’re wanting to have competition, we’re wanting to retain existing banks or attracting new banks to be functioning here. If we add to the fees and charges imposed by the government,…
The National Government’s moved to increase the Corporate Income Tax on licensed banks for next year has met some skeptical responses from the business community and independent Think- Tanks like the Papua New Guinea (PNG) Institute of National Affairs (INA) PNG INA’s Executive Director Mr. Paul Barker said that this further increase in tax will have implications on the banks and its customers and clients going forward, even though the government’s intention was to gain enough tax revenue to fund vital core services. The government revenue measures for tax revenue in the 2023 National Budget will see the increase in…
The government has increased the Capital Investment Budget for 2023 as it focuses on ticking off its big ticket items before the country reaches its 50th Independence Anniversary in 2025. The Minister for Finance and Planning, Mr. Rainbo Paita, when giving his speech on the 2023 National Budget, thanked the Treasurer for the increase in the investment budget compared to the 2022’s Capital Investment Budget because it will ensure the department and its partners work towards achieving them. Minister Paita explained that the aggregate Capital Investment Budget for 2023 stands at K9.7billion, which is an increase of K1billion above the…
Treasurer Ian Ling-Stuckey has finally handed down the 2023 National Budget of K24.5 billion, another deficit budget with greater focus on more investments to improve the economy and generate more achievements before the country’s 50th Independence in 2025. The money plan, which was deferred from last week is the largest to be handed down by any government and is a slight increase from this year’s K22.2 billion budget. The Treasurer announced that the 2023 expenditure of K24.5 billion is an increase of 10.8% increase from the 2022 budget with a revenue estimate of K19.6 billion, which the Treasurer said was…
A day at the lawn today turned into an excellent one as over 100 athletes from 5 different Lawn bowling clubs converged on the Bisini Lawn Bowling Club to determine the best. President of the Bisini Lawn Bowling Club (BLBC), Andy Agowah stated that this is the biggest National event that they have held so far, thanks to the sponsorship of Vodafone PNG, who pledged K30, 000 to sponsor the event. Agowah said he was pleased with the turnout of participants and is hopeful that this event can lead to many gaining interest in the sport. “I am happy with…
The residents of Port Moresby city who are already tired of the ongoing power disruptions currently experienced, have been assured that the supply of power will improve very soon. Minister for State Enterprises William Duma said the matter should be resolved when the Kanudi and Moitaka gas fired power stations come back online after they were closed because of a major refurbishment of the machines at Rauna and the Sirinumu Dam. Duma explained that the situation started when PNG Power Limited decided to undergo a major refurbishment and renovation program for its facilities up at the Sirinumu Dam and Rauna…