• Tax

    In collaboration with a leading local accountancy firm, OBG provides an overview of the tax system, including information on corporate, sales and income taxes. Other topics include repatriation of profits, capital movements, investment incentives, Customs duties and free zones.
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In 2018 Mexico’s economy ranked second in Latin America and 15th in the world in terms of GDP, which totalled $1.22trn, according to the World Bank. In 2019 the newly elected President Andrés Manuel López Obrador has pushed ahead with efforts to meet his pledge to tackle corruption and implement austerity measures within the government, to reduce costs and curb excessive expenditures.

In 2018 the local business community was waiting with anticipation for a jump-start to the economy of Papua New Guinea. A handful of significant events were expected to turn a new page: the country was gearing up for a meeting of the leaders of APEC countries, a liquefied natural gas project was being finalised and new mining developments were at hand. These tangible steps...

As of 2019 Papua New Guinea is in the second year of its Medium-Term Revenue Strategy 2018-22 (MTRS). The 2019 budget and tax changes are formed by the MTRS and aligned with its intent. The MTRS is, in turn, guided by the Alotau Accord II and the government’s 100-Day Plan.

Chapter | Tax from The Report: Papua New Guinea 2019

This chapter examines the tax system of Papua New Guinea, focusing on those budget and tax changes guided by the Medium-Term Revenue Strategy 2018-22, including: new revenue measures under the 2019 National Budget; the Companies Act Requirement; the Investment Promotion Act; the rules on corporate taxation; withholding tax; non-resident insurers tax; overseas shippers tax; and tax credits,...

Efforts to improve public governance are gradually bolstering confidence in Papua New Guinea’s economy, despite national performance being heavily dependent on the extractive industries. Backed by macroeconomic development plans, Prime Minister James Marape’s administration is seeking to improve debt management, reduce foreign exchange imbalances, widen access to social services and provide greater employment opportunities.

 

In order to improve the allocation of public funds the new budget law – Law No. 15 of 2019 – introduces the concept of medium-term budget forecasts. This legislative reform entails the establishment of a new accounting system to be used for the state funding of programmes to meet policy objectives.

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