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Port Moresby
December 7, 2019
Business News

Maru Revealed Plans to Introduce Export Tax

Trade, Commerce and Industry Minister, Richard Maru today revealed the Department’s plan to introduce export tax, on all exports leaving the country.

 

This is to encourage downstream processing facilities to be built in the country instead of exporting.

The establishment of these facilities on shore will also create 2000 highly skilled technical jobs for Papua New Guineans.

 

Minister Maru spoke to the Treasury Minister Don Polye about his plans to impose export tax, and will meet with the head of the Tax Review Team, Sir Nagora Bogan, on Monday and discuss the plan.

 

His remarks came after Member for Daulo, Robert Atiafa, highlighted concerns that despite having a high production of oil palm in the country, processing takes place overseas and New Britain Palm Oil Limited should start thinking of establishing a processing facility in the country.

 

Minister Maru said imposing export tax, will discourage export while encourage downstream processing.

 

He said export tax will earn the country money through tax revenue and in the long term, create competition for companies who will want to build their facilities in the country.

 

He further said he will introduce a NEC paper to look at the overall policy on downstream processing in PNG.

https://youtube.com/watch?v=qpTKFoZXM84%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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