Papua New Guinea Treasury Presents 2023 National Budget Containing Provisions Due to War

The Papua New Guinean Department of Treasury Nov. 29 presented the 2023 National Budget to Parliament, containing provisions drafted due to ongoing Russia-Ukraine conflict and inflation. The budget includes measures that would: 1) increase the corporate income tax rate to 45 percent from 30 percent for commercially licensed banks, effective Jan. 1, 2023; 2) further increase the individual income tax-free threshold to 20,000 Papua New Guinean kinas (US$5,680) from 12,500 kinas (US$3,550), from Jan. 1, 2023, to Dec. 31, 2023; 3) establish a tougher excise regime by imposing an additional one-off increase of 493 percent excise tax on ready-to drink, ...