MP & EX-CUSTOMS CHIEF PROPOSES TAX CHANGES The reduction of taxes on income for PNG citizens and the removal of tax holidays and exemptions on multinational resource companies are two of a list of proposals made by Oro Governor Gary Juffa to amend the current tax laws. Juffa has proposed to the Government that as a New Year’s resolution to consider amending the current tax laws. By Cedric Patjole, PNG Loop, Jan 4, 2015 (edited) He made this known on social media site ‘Facebook’ highlighting 13 proposed amendments the Government should make. The following is the list of proposals by Governor Juffa that he posted on his wall. 1) Review all exemptions to resource mineral and energy resource companies 2) Tax all expatriates entering PNG on business visas and earning an income and avoiding paying taxes 3) Remove taxes on resignation and retirement benefits for Papua New Guinean taxpayers 4) Reduce taxes on income for PNG citizens from 35% to 20% and increase foreign employee taxes to 50% 5) Provide tax incentives and create a fund for low interest loans to PNG companies venturing abroad 6) Ban round log exports and force logging companies to pay taxes 7) Remove tax holidays and exemptions on resource multinational companies 8) Remove the current self assessment taxation policy and impose an audit based system and fund audit teams to audit and aggressively collect taxes 9) Audit all fisheries and logging companies and collect back payment of taxes since they began operations 10) Amend Taxation laws to criminalize tax offences and make serious offences punishable with custodial sentences 11) Increase wages of all taxation officers to reflect private sector wages and provide housing 12) Minimum entry to be no less than a degree in accounting economics or commerce 13) Rewards for those who report taxation evasion with a 10% finders fee to whistleblowers. Juffa’s proposals have since gone viral with many commending the Governor for taking a stand on the taxation issue in the country. pngloop/2015/01/04/mp-ex-customs-chief-proposes-tax-changes/#sthash.rlUdIYew.dpuf
Posted on: Sun, 04 Jan 2015 14:20:07 +0000
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