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Papua New Guinea

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About

Papua New Guinea

Capital
Official languages
Population 
Currency

ISO 4217

Port Moresby

English, Tok Pisin, Hiri Motu, and over 800 indigenous languages

8,948,701 (as of July 2020)

Kina

PGK

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Economy

Papua New Guinea has a strong and growing economy, with a GDP of $27.3 billion in 2019. This is a 4.2% increase from the previous year, making it one of the fastest growing economies in the Pacific region. The country is rich in natural resources, including oil, gas, gold, copper, and timber, which account for a large portion of its exports. The services sector is also a major contributor to the economy, with tourism, banking, and telecommunications all playing a significant role. The unemployment rate in Papua New Guinea is relatively low, at 4.2%, and the inflation rate is also low, at 2.2%. The country has a strong banking system, with the Bank of Papua New Guinea being the largest financial institution. The government has implemented a number of reforms to improve the business environment, including reducing red tape and improving access to finance. Overall, Papua New Guinea has a strong and growing economy, with a bright future ahead.

Taxation

In Papua New Guinea (PNG), both individuals and corporations are subject to income tax. 


For individuals, the tax year runs from 1 January to 31 December. The tax rates are progressive, with rates ranging from 0% to 42%. The tax system also includes a Goods and Services Tax (GST), which is set at a rate of 10% and is applicable to most goods and services sold or supplied within PNG.


For corporations, the tax year is the same as the company's financial year. The corporate tax rate is 30%, with a 10% rate for non-resident companies. There are also a number of tax incentives available for certain industries and activities, such as agriculture and tourism.


Taxpayers in PNG are required to file an annual tax return by 30 April of the following year, and pay any tax owed by the same date. Payment of tax can be made either in a single lump sum or through regular instalments throughout the year.


Taxpayers are also required to register with the Internal Revenue Commission (IRC) and obtain a Taxpayer Identification Number (TIN). The IRC is responsible for administering the tax system in PNG and ensuring compliance with tax laws and regulations.

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