New tax increase on PNG banks raises concerns
This article originally appeared in the Economist Intelligence Unit, 23 December 2022.
The budget for 2023 in Papua New Guinea (PNG) includes an increase in the rate of corporate income tax from 30% to 45% for all banks. This maintains the hard stance on non-competitive sectors taken by the administration headed by the prime minister, James Marape, following the introduction of a one-off dominant player levy in 2022.
See the full article at the Economist Intelligence Unit.