The timetable for this tax review is important to understand also. Per a story on EMTV via philstar.com this tax review is scheduled to just now get started with the first part of the review to be submitted to Polye this October and the review process is to be completed by July 2014. Does this mean all activities in PNG come to a screaching halt or will face major delays. Nope. Just like the reorg going on with Petromin, IPBC and the SOEs; activities will (and must) continue and agreements will be struck. This stuff happens regularly in a developing country. Carry on!
Tax Review Team Set
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Treasurer Don Polye announced the appointment of an eminent person’s panel approved by cabinet to conduct a review into the tax regime of Papua New Guinea.
The team will be headed by Sir Nagora Bogan as the Chairman and David Sode as his deputy.
Amongst the objectives of this review is to address loop holes in the current taxation system.
Treasurer Polye says this review is important to cater for the many changes the country is going through.
Some objectives of the review are to create a tax system that lubricates growth in every facet of development and expand and diversify the tax base including hard to tax sectors of the economy amongst others.
He said the government would like to see a tax system that creates a win-win situation for everyone.
The scope of the review includes review and reform of tax administration, personal income tax, corporate income tax and mining and hydrocarbon tax regimes and five others.
The taxation review will commence in April this year and the first part of the report will be submitted to the treasurer in October to be reflected in the 2014 budget.
The whole review process is expected to be completed at the end of July 2014.
Members of the panel include Sir Nagora Bogan as Chairman, David Sode as Deputy Chair, John Luke Critin, Carolyn Blacklock of IFC and Peter Costello, former treasurer of Australia as members of the panel.
Ruth Rungula, National EMTV News
http://www.emtv.com.pg/news-app/item/tax-review-team-set?category_id=20