- The Papua New Guinean Department of Treasury presented the 2025 National Budget to Parliament on November 29
- The budget sets zero-rated VAT on specified food items for one year starting July 1, 2025
- It increases the threshold for an extended GST filing period to 1.5 million kinas from 625,000 kinas
- The GST refund time limit will be reduced to 4 years from 8 years
- The first home exemption threshold is increased to 700,000 kinas
- The 22 percent tax bracket for nonresidents is removed and superannuation withdrawals by retirees will be exempt starting January 1, 2025
- New nonresident wage tax rates will be applicable from January 1, 2025
- The corporate tax rate for commercial banks is set at 40 percent for income below 300 million kinas in 2025 and 35 percent from 2026
- The corporate tax rate for commercial bank income of 300 million kinas or more is set at 44 percent in 2025, decreasing annually by 1 percent through 2034
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
