Papua New Guinea is in need of a simple tax regime that can be administered, along with incentives for the private sector to develop and expand, with the intent to create employment opportunities and a growing middle class.
These, among other issues, were recommended at the close of the 2-day closed door Tax Review and Research Symposium at the Holiday Inn Hotel in Port Moresby.
Experts said a sound tax regime will enable the growth of a long term sustainable economy, as well as broaden the future tax base, providing a sustainable revenue base for government and public spending.
At the closing of the 2 day closed-door meet, experts recommended that the country desperately needs a sound tax regime that will be administered effectively to foster economic growth.
There were also talks of incentives for the private sector which included the agriculture and extractive industries.
NRI Director Dr. Thomas Webster said these incentives must focus on developing and expanding with a view to create employment opportunities as well as create a growing middle class.
Other experts joined Dr. Webster, saying that the new national tax system, to be created by the Tax Review Committee led by Sir Nagora Bogan, must enable the growth of a long-term sustainable economy, as well as broaden the future tax base, providing sustainable revenue basis for government and public spending.
The tax review committee will collect these and other recommendations and findings from the various road shows conducted to formulate a sound tax system.
The tax system will also ease the burden on tax payers both in the private and public sector, and also see fair tax representation from all parties in both sectors.
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