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Papua New Guinea: Tax provisions in 2019 budget

Papua New Guinea: Tax provisions in 2019 budget

The 2019 budget proposes changes to tax rules concerning loss carryforwards, tax thresholds, and certain customs and excise rates.

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Revenue collections will be increased through a further increase in compliance efforts as well as broadening of the tax base. It is estimated 76% of total revenue will come from taxes.

Changes foreshadowed for 2020 appear to include the possible introduction of a capital gains tax, the implementation of a simplified tax regime for small and medium-size enterprises (SMEs), a minimum tax on loss-making companies, a revision of the tax depreciation schedules, and a turnover tax on mobile telecommunication companies. All of these possible measures would be subject to consultation reviews during 2019.

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