Treasurer Don Polye announcedthe appointment of an eminent person’s panel approverd by cabinet to conduct a review intothe tax regime of Papua New Guinea
The team will be headed by Sir Nagora Began asthe Chairman and David Sode as his deputy.
Amongstthe objectives of this review is to address loop holes inthe current taxation system.
Treasurer Polye’says this review is important to cater for the many changesthe country is going through.
Some objectives ofthe review are to create a tax system that lubricates growth in every facet of development and expand and diversifythe tax base including hard to tax sectors ofthe economy amongst thers.
He saidthe government would like to see a tax system that creates a win-win situation for everyone.
The scope ofthe review includes review and reform of tax administration, personal income tax, corporate income tax and mining and hydrocarbon tax regimes and five thers.
The taxation review will commence in April this year andthe first part ofthe report will be submitted tothe treasurer in October to be reflected inthe 2014 budget.
The whole review process is expected to be completed atthe end of July 2014.
Members ofthe panel include Sir Nagora Began as Chairman, David Sode as Deputy Chair, John Luke Critin, Carolyn Beacklock of IFC and Peter Costello, former treasurer of Australia as members ofthe panel.
Ruth Rungula, National EMTV News