Papua New Guinea Budget 2019

Perspectives

Papua New Guinea Budget 2019

Building a Broader Based Budget

Building a Broader Based Economy was the key theme of the 2019 PNG Budget, delivered to parliament on 12 November 2018.

There was a strong focus on continuing to improve revenue collection. While it was a relatively quiet year for tax reform, the Government re-emphasised its commitment to the implementation of the government’s medium-term revenue strategy (MTRS). This contains some significant proposed tax reforms for the years to 2022.

Key tax changes announced in the 2019 National Budget include:

  • Loss carry forward rules substantially shortened from 1 January 2019 with retrospective effect
  • Zero rating for supplies to the resource companies removed from 1 January 2019
  • Increased in resident’s tax free threshold from K10,000 to K12,500, and next bracket from K18,000 to K20,000.
  • IRC granted powers to prosecute IRC officers and other external offenders in respect of corrupt practices
  • Income Tax Regulations amended to allow Commissioner General to make decisions on outstanding Research and Development claims
  • Measures have been put to protect and encourage local Industry.

Published: November, 2018

Papua New Guinea Budget 2019
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