PNG Government

Government is bankrupt, claims Sir Julius

The definition of wealth, he says, is when people are rich, self-reliant and have improved living standards.

However, the Government keeps on borrowing money to repay loans while funding projects at the same time, claims the former prime minister.

He says we need good leaders who can lead during these difficult times and into the future.

Sir Julius made these remarks on Tuesday, during the launching of Kavieng district’s ward trucks, tractors and cooking ovens at the Kopkop showground.

Departure tax will be increased by 135pc

The revised tax will come into effect on January 1st 2017 and is one of the tax policy measures to be introduced by the Government as a revenue consolidation measure.

Departure tax is charged on ticket fares bought by passengers leaving PNG, either by air or sea, to foreign destinations.

Travel agents are then required to remit collections to IRC on the 21st day of the following month of purchases.

PNG Government expects over a billion in GST

Government estimates project GST to haul in K1,484.7 million (K1.5 billion) of the overall Tax on Goods and Services predicted revenue of K2,762.2 million (K2.8 billion).

The Tax on Goods and Services will also comprise of K691.1 million in Excise Duty, Import Excise of K300.3 million and K180.5 million in Gaming Machine Turnover Tax.

The Government states that the gradual increase in commodity prices and in the agriculture and mining sector in 2017 are expected to support income and spending on goods and services in the economy.