Ian Ling-Stuckey, Minister for Treasury, announced the introduction of a “Dominant Industry Player Levy” when handing down PNG’s 2022 budget which comes into effect on 1 January 2022. The levy applies to any bank in PNG that has total assets that exceed 40% of total assets as published by the Bank of PNG. "BSP Financial Group (BSP) is the only PNG commercial bank that will be required to pay the levy," said Mary Johns, Company Secretary of BSP Financial Group Limited. As reported in PNG’s 2022 budget the levy is a flat tax, calculation of which is not linked to profit or balance sheet size, will result in BSP paying an additional K190 million in tax in Financial Year 2022 (FY22). "The levy is non-deductible and it will have a direct impact on BSP’s net profit after tax of K190 million from 2022 onwards."