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National Tax System to be Reviewed

Papua New Guineanow has a Tax Review Committee in place to make annual reviews ofthe National Tax System.

 

The committee comprises Sir Nagora Began as chairman, David Sode, deputy chairman, Sir John Luke Crittin, Lady Aivu Tauvasa and John Lohberger.

All panel members, collectively, bring invaluable years of experience in boththe public and private sector, domestic and international trade investmentofinance, accounting, economics and fiscal policies.

 

The committee was established bythe O’Neill Dion government and is one ofthe priority focus areas for 2014.

 

When passingthe 2014 national budgetoit was reported that about 2 billion kina is owed tothe government in taxes.

 

The committee said Papua New Guineahas a good tax system; however, it has been abused overthe years.

 

They said as a result billions of kina is being lost annually, despitethe economic growth.

 

Chairman Sir Nagora Began said firstlythey will reviewthe national tax system,then visit tothe four regions, and hold community forums and meetings with local business chambers and associations.

 

The committee will be looking into how muchthe public and private sector entities charge employees’ taxes, imports and exports, GST,the recently introduced free tariff policy and non-tax revenues fromthe mining and petroleum sectors.

https://youtube.com/watch?v=x01EdooSPZU%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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