The PM marked the comprehensive review of the key issues affecting the country by the Prime Minister Hon James Marape as he officially assumed the role of Treasurer following the reshuffled cabinet announced on Thursday, succeeding Ian Ling-Stuckey.
Prime Minister Marape expressed he will not take anything from Ian Lin-Stuckey during his term as he has elevated his position over four challenging years.
He will assist in a thorough review on the relationship between Treasurer, National Planning and Monitoring, Finance, and Central Bank.
And, to uncover amicable solutions in Foreign Exchange, National Fuel Security, the work of fiscal and monetary policy can work in tandem and many others.
The Prime Minister stressed to look forward to a three to four weeks plan to reposition Treasury through a comprehensive review that aligns with the government’s commitment to economic stability and the well-being of the people.
Additionally, he emphasised the need to evaluate events ending 2023 financial year to prepare the 2023 Final Budget for Parliament by March 31, in accordance with legal requirement.
He further asserted the need to examine best tax modalities through engaging the Internal Revenue Commission (IRC) including personal and corporate income tax, good and services tax and other associated taxes.
“Exemplified as first in our country, the K20, 000 tax thresholds under the Pangu-Pati’s centred approach under tax review to aid the population of low-income employment.”
“The tax review will not compromise Hon. Ling-Stuckey’s Fiscal Plan.”
“It will encompass the earnings from the key projects such as the Papua LNG Project, P’nyang LNG Project, Pasca LNG, the Wildebeest LNG Project, Wafi-Golpu Mine, and the New Porgera Mine.”
Prime Minister Mapape concluded his personal stance and stressed the need for subscribing to the notion of lesser tax for our people as long as we protect the economy.
“Ensuring efficient tax collection, we have increased funding to the IRC in the past and this year.”
“The past four years have displayed increasing funding for capacity-building for Capacity-Building within the IRC has improved efficiency and a substantial increase in revenue collection.”
“This enhances operational efficiency not through a direct tax hike but through doubling tax collection by IRC.”
“After these efficiency measures are successfully put into place, I will introduce a new tax system for Papua New Guinea.”
“This Project will take effect in the 50th Anniversary of our independence, which will be a significant turning point in our fiscal strategy.”