DECREASE PERSONAL INCOME TAX: WEBSTER 14 OCTOBER 2014 In the strongest possible terms, Director of NRI, Thomas Webster has urged Government, through the Taxation Review Committee to REDUCE the current personal income tax. Dr Webster says the present state of taxation in this country is unjust and oppressive to the formal wage earning middle class are currently subjected to a very high combined burden of paying direct and indirect tax. Dr Webster says personal income tax in PNG is one of the highest in the world, with a top marginal tax rate of 42% compared to the globe average of 31% and the average in Asia of just 28.4%. He adds that advisors compare PNG tax with similar regimes in Australia and UK but have different social and economic environment, where in PNG wage income earners pay tax as well as look after their wantoks and relatives for school fees, health care and other basic needs. He adds Taxation, it is argued is used as a retributive social justice mechanism, if so, the few Papua New Guinean wage income earners are in fact paying a high price. He says we also need to reduce income tax so wage earners can save money and start small to medium enterprises.
Posted on: Tue, 14 Oct 2014 05:44:22 +0000
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