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

Dec. 6, 2022, 5:00 AM

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, ...