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,…
Author: Emmanuel MAIPE
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…
Two Port Moresby based Australian Football League (AFL) clubs will have their future in the Moni Plus AFL competition decided upon by the Port Moresby AFL Association after committing separate on field offences during this year’s competition. The Association President Mr. Douglas Lai said the two clubs are the Gordons Kokofas and the Lamana Dockers. These two clubs were involved in separate on field brawls after their matches during the finals round. One of the incidents saw officials, including the president, attacked by the players and their supporters. The president explained that once a club is suspended from a season,…
The Police High Command in the city of Port Moresby is currently meeting with high ranking officers from the PNG Defence Force to try to establish facts surround an alleged police attack on a soldiers. It was alleged that the PNGDF personnel was abducted and later attacked by members of the police Mobile Squad on Saturday. Talks are currently on at the Boroko police station between NCD/Central Commander ACP Anthony Wagambi Junior and the senior members of the PNG DF to determine the facts behind the alleged incident. Meanwhile, the situation is still tense at and around the Boroko police…
Passengers traveling in and out of Port Moresby can now breathe easy with the Jackson International Airport re-open for normal operations by 1pm this afternoon after it was closed by the National Airport Corporation (NAC) over aviation security breaches. NAC Chief Executive Officer (CEO) Mr. Rex Kiponge said the closure of the Jackson Domestic Terminal was due to the breach of aviation safety laws by members of the police force when they were in the process of arresting him on matters relating to the operations of one of the national airports in the country. “About 17 police personnel entered illegally…
The Jacksons International terminal in the nation’s capital remains closed as of this morning after police allegedly breached aviation safety laws while in the process of arresting the CEO of National Airports Corporation Rex Kiponge. It is understood that the CEO was arrested last night, questioned and then released on bail. A press conference is expected today by NAC to update on the situation. Whil this is going on, no flights in and out of Port Moresby City. The ones affected the most now are traveling public, the passengers especially.