Photo: From right to left Dr Kishti Sen Senior Economist of ANZ, middle IRC Commissioner Sam Koim and Dirctor Corporate Affairs Total E&P PNG Limited Richard Kassman
The Port Moresby Chamber of Commerce and Industry (POM CCI) in conjunction with Deloitte PNG had its Annual Budget Breakfast meeting to discuss the 2023 National Government Budget at the Crown Hotel on the 1st of December 2022, present for the occasion were various financial institutions, government institutions and business houses.
The meeting started off with a comprehensive presentation on the 2023 National Budget by Andrew Harris Tax Partner of Deloitte PNG followed by ANZ's Senior Economist Dr Kishti Sen on the general macroeconomic outlook on PNG and concluded by a panel of discussions by the IRC commissioner Sam Koim, and Director Corporate Affairs Total E&P PNG Limited Richard Kassman.
Mr. Andrew Harris from his detailed presentation on the 2023 budget emphasized that commercial banks will be heavily taxed come 2023 from the new increase in tax charge from the revenue collection. The positive effect is that the budget is catered for the small ordinary Papua New Guinea to benefit from vital government services and the rolling out of SME funds for business opportunities, connecting feeder roads for remote areas of Papua New Guinea to have access to markets.
From the panel of discussion Mr. Andrew Harris stated that the Connect PNG Economic Road Transport Development Program, portrayed through the budget was a real demonstration off its efforts to improve the lives of the people however the real issue lies with implementation of its efforts.
"There needs to be collaboration with the various government authorities for real infrastructure projects to be carried out as targeted with the budget to show for its results. "
Dr. Kishti Sen also commented that the budget growth model suggests that operations for the Porgera gold mine to commence in the second quarter 2023 is an uncertainty implying its implications of various stakeholders’ engagement and its new start of operations might take a longer time for the mine to operate to bring in revenue for the country.
The Breakfast ended on a high note with the commissioner admitting to major changes in the Internal Revenue Commission's tax regime to help improve the business communities, especially in taxation.
