By Lorraine Gabina – EM TV News, Port Moresby
The NEC has announced endorsing Taxation Amendment to Tobacco Excise and IRC housekeeping amendments.
Prime Minister, Peter O’Neill, said Cabinet approved a retrospective amendment to the Excise Tariff Act 1956 to correct tobacco excise base rates using the 5% biannual indexation for tobacco products.
He said this will correct unintended swap in the Tariff Item 2402.20.10 and 2402.20.20 descriptions and rates, which had commenced on December 1, 2014.
PM O’Neill said Cabinet approved an amendment to the Customs Tariff rate to ensure Customs Tariff item codes and descriptions are consistent for ease of administration.
O’Neill added that Cabinet approved the minor housekeeping amendments to the Income Tax Act 1959 and the Income Tax Regulation 1959 to correct typographical errors, out dated referencing and duplications to clarify law and ease management.
NEC also approved the amendment to the Goods and Services Tax Act 2003 to correct unnecessary duplication of Inland GST banking and distribution process to clarify law for ease of administration.
According to O’Neill, NEC has directed the First Legislative Counsel to draft the required amendments to implement these measures.
