Foreword
The PNG Supplementary Appropriation Bill for 2022 is now available and we discuss this document in some detail this month. On the tax front, we are pleased to report that the tax Act rewrite has recommenced this month. Also, we explain the guidelines around how to access GST offsets. In terms of IRC tax revenue, a record collection year was reported by the Prime Minister. Finally, there are some very positive movements in terms of the turnaround times of work permits and the process involved in lodging the applications.
KPMG in PNG has dedicated in-house specialists in all the following areas: internal audit/risk, visa migration, corporate finance, management consulting, IT advisory, fraud investigation as well as tax and assurance. As such we are well placed to provide a truly multi-disciplined approach to business advisory.
In this Month's Kundu
Papua New Guinea Supplementary Appropriation Bill 2022 and other changes
The Supplementary (Appropriation) Bill 2022 will allocate an additional K1.59 billion in government expenditure for the year ending 31 December 2022 with a little over K1 billion authorised for immediate payment. About two thirds of the money will be spent paying down State debts in one form or another. Nevertheless, the same planned deficit is predicted due to increased expenditures.
Other topics covered include:
- Income Tax Act Re-write
- GST and GST credit offset
- A shake-up of the work permit process
- Record tax collection by IRC
- Our social media presence
Please enjoy this month’s Kundu and reach out to us at kmcentee@kpmg.com.au if you would like to see KPMG cover specific topics in future editions
