![]() Papua New Guinea TREASURER Sam Basil, is warning those holding high corporate positions and earning big bucks, running into millions of kina, to declare and pay up their personal income tax. “The Papua New Guinea (PNG) Internal Revenue Commission (IRC) will now be focusing on investigating the income tax declarations of multi-millionaires and to go after them, when needed,” he said. “We understand that there corporate figures serving in boards, chairman of boards, managing big State entities and multi-national companies whose wages run to a million or kinas or more, with perks and privileges. PAPUA New Guinea’s economy will find its strength in the private sector, Bank of Papua New Guinea (BPNG) deputy governor Joe Teria says.
Teria said this last week during the opening of the ANZ corporate centre in Port Moresby. He said that was why BPNG was committed to ensure that investors were comfortable with the regulatory environment. “The economy will find its strength in the private sector, the corporate sector going forward,” he said. “So when ANZ opted to give its retail business to Kina Bank, we from BPNG, took it as a positive step, we need a corporate bank that can drive investment in this country by the corporate sector. Government facing short term liquidity challenge, not a decline in economy, says PNG Treasurer11/8/2019
![]() Papua New Guinea Treasurer Sam Basil said the half-year score card of the country’s fiscal and economy outlook shows the extent of short-term liquidity challenge facing the Government which should not be confused with decline in the economy or error in the 2019 Budget. Basil said that the Mid Year Economic Fiscal Outlook Report (MYEFO) for 2019 has been downloaded on the Department of Treasury website (treasury.gov.pg). “The short-term liquidity challenge has been caused by the delay in the receipt of certain key large payments including dividends, financing from multilaterals delayed due to slower actions by some departments and delays in external loan discussions in terms of Sovereign Bond and China,” he said. ![]() Papua New Guinea has been advised to tweak its macroeconomic policy and throw more weight behind agriculture, as it has the potential to enable more diversified and inclusive development. The World Bank makes this recommendation in its latest newsletter Pacific Possible. It warns of rising economic uncertainty and fragile growth in PNG and recommends that authorities focus on structural transformation of the economy, especially in the agriculture sector, to help absorb any shocks. ![]() THE country’s foreign reserves currently stands at around US$1.9 billion (K6.3 billion), down from US$2.2 billion (K7.2 billion) last year, according to Bank of Papua New Guinea (BPNG). Governor Loi Bakani, pictured, when providing an update on Monday, said that this decline was due to the various interventions in the foreign exchange market as well as the repayment of the sovereign bond interest. ![]() PORT MORESBY, FRIDAY 26TH JULY 2019 --- The Papua New Guinea Government will now prioritise cocoa processing in the country beginning with budget allocation for next year. Minister for National Planning, Hon Richard Maru, said on the eve of the Cocoa of Excellence Show in Lae, that the Government wants to eventually do away with the export of semi processed cocoa beans. Minister Maru said Government has seen the potential of cocoa for the future of PNG. As such, it has provided funding to the Cocoa Board of PNG to focus on growing the volume of cocoa from 2 million seeds a year out of Kerevat to building three more regional cocoa nurseries, which will see a minimum of 8 million seedlings produced per year for farmers. |
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