Nambawan Super Limited has supported BSP’s statement that rejects the secretive new revenue measures included in the proposed 2022 National Government Budget. Speaking to the media recently, NSL Chief Executive Officer Paul Sayer said no consultations had been undertaken with any of the Authorised Super Funds or key stakeholders about this new K190 million market concentration levy, indexed to grow each year by 5%, on BSP as the major bank in PNG. “As a tax on profits, it is a tax on the shareholders and not BSP as a company,” Mr Sayer said. He said Superannuation funds have provided the patient capital in BSP that enabled the bank to establish itself. “It is in fact K190m worth of dividends that the State will be taking away from shareholders.” He said this is effectively an extra tax burden on hardworking tax payers who are already highly taxed throughout their working lives. “Nambawan Super members can expect to lose just under K23 million worth of dividend revenue as our 12% share of the K190 million burden from the State.” “Nambawan Super is one of the largest shareholders of BSP with a 12% stake in the business. The Superannuation Fund CEO further adds this levy will not disable the services Nambawan Super provides to its members, but will be felt by members.