At a glance
The 2023 PNG National Budget was delivered today with the theme of “Implementing the Vision”. It is an historic budget being the largest budget and collecting the most revenue in PNG’s history.
Unsurprisingly 2023 will be another deficit year although it is projected to reduce by almost K1bn compared to 2022. Some surprises in the tax space with the introduction of a 45% tax rate for commercial banks.
Please have a read, and as always the leadership group welcomes any questions you may have in relation to the PNG Budget and KPMG’s commentary in this regard.
The 2023 Budget has support for economic growth as its top priority and sets the stage for fiscal consolidation over the medium term. This Budget is once again a high deficit budget.