Papua New Guinea has remained resilient in the wake of a host of domestic and external challenges, and while growth has slowed since construction of PNG LNG ended, ongoing fiscal, structural and policy reforms should support domestic non-oil economic growth in 2018. PNG’s international profile received a boost when it was selected to host APEC 2018. Although the budgetary burden of APEC could be
Viewpoint:Jonathan Seeto, Territory Senior Partner In 2017 we predicted that the businesses of Papua New Guinea would be optimistic, despite the challenging year that lay ahead. Thinking about the coming period, we continue to be concerned with how the economy can deliver effectively for our society as we learn how to operate in an environment of fiscal management challenges and growing societal…
This chapter offers a guide to PNG’s taxation rules and regulations. It also examines the national budget for 2017, which introduces new changes, and explains several credits and incentives available for businesses. This chapter contains an interview with Jonathan Seeto, Territory Partner, PwC.…
Under the 2017 national budget taxation measures were set in the context of the October 2015 report released by the Taxation Review Committee, following its comprehensive review of tax law and revenue administration in Papua New Guinea. The 2017 national budget included some significant tax changes, and it is expected that further changes will be included in future budgets as the recommendations…
Although external forces have seen PNG experience challenging economic conditions in recent times, the general long-term goal remains the same. One of the country’s greatest strengths is the longevity of its planning. Prime Minister O’Neill’s victory in the 2017 election solidifies the government’s agenda and substantially improves political stability. Continuity in planning, along with co
Interview: Jonathan Seeto How do you assess the current state of the business climate in Papua New Guinea? JONATHAN SEETO: As I reflect on conversations with business leaders in various forums, and the surveys that PwC undertakes throughout the year, unsurprisingly the resounding theme has been one of challenge. Nevertheless, despite all the apparent challenges, we have observed that CEOs in PNG…
This chapter explores Papua New Guinea’s tax regime, focusing on issues slated for Treasury consideration, current corporate taxation guidelines, withholding rates and other key areas for investors. It also contains an interview with Jonathan Seeto, Territory Partner, PwC.…
Interview:Jonathan Seeto What sort of debate should we see within the business community in light of the economic uncertainty that exists due to low commodity prices? JONATHAN SEETO: We hear a lot of debate across the business community about what would create an environment more conducive to business growth and investment. When asked about what is important to business growth, a recent survey…
Tax measures in the 2016 National Budget were set in the context of a recently released report from the Taxation Review Committee on its comprehensive review of the tax law and revenue administration in Papua New Guinea. There have been few changes to tax laws in PNG, and the recommendations of the committee are being considered by the Treasury. The budget introduced a goods and services tax…
In terms of investment, Papua New Guinea’s geographic location, geopolitical importance and abundance of commodities, as well as the success of the PNG Liquefied Natural Gas project, have helped it become a favoured destination for Chinese and Japanese ventures, with expectations of further foreign direct investment (FDI) going forward, particularly in the primary sector. However, PNG remains a
