• 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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Chapter | Tax from The Report: Philippines 2021

This chapter examines the tax system of the Philippines, focusing primarily on the tax...

The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.

 

Although it is difficult to believe that anything good could come from a global pandemic, the current crisis and Papua New Guinea’s capacity to respond has acted as a wake-up call for the country to identify its priorities for the future. PNG has promising development prospects and an opportunity to dramatically improve social outcomes, but we...

 

As of 2020 Papua New Guinea is in the process of significant tax reform following recent amendments to the country’s tax code. Among the most recent changes are those related to the taxation of extractive industries, while proposed reforms include the introduction of a capital gains tax and the rewriting of the Income Tax Act.

Chapter | Tax from The Report: Papua New Guinea 2020

Papua New Guinea is in the process of significant changes following recent amendments to the tax code, which include new rules for the taxation of extractive industries, while proposed reforms include the introduction of a capital gains tax and the rewriting of the Income Tax Act. The 2020 budget is focused mainly on reforming the revenue administration system. It also includes a limited...

The economic downturn resulting from lower global commodity prices and the completion of the PNG LNG project means the future of Papua New Guinea must be navigated with care. The country possesses plentiful natural resources, which, given effective management, could provide new revenue to spur diversification, as well as sustainable and equitable growth in all provinces.

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