Additional company tax on the banking sector will increase from 30 to 45 percent treasurer Ian Ling-Stuckey said when presenting the 2023 budget in parliament recently. This is expected to raise K240 million in 2023 to fund core vital services. The additional company tax was initially imposed on companies declaring huge profits such as BSP and Digicel ...

The Papua New Guinea Trade Union Congress (PNGTUC) and its affiliated unions have supported the points that were raised by the Minister for international Trade and Investment, Hon Richard Maru on the urgency to investigate companies and businesses that have been operating on loss every financial year. PNGTUC Secretary, Mr Clemence Kanau said no sane pe...

The Minister for state enterprises, William duma has announced the approval that there will be a new commercial bank to be established in the country next year, He stated this when responding to the NCD Governor, Powes Parkop regarding banking related issues in the country in parliament recently. Minister Duma stated that the Marape-Rosso Government ha...

Photo credit: Pixabay The amount of gross foreign exchange reserves at the end of June this year, according to acting Bank of Papua New Guinea governor Benny Popoitai, was US$3.2 billion (about K11.6 billion). At the end of December of last year, there were US$3.2 billion (about K11.3 billion) available. In the bank's March 2022 Quarterly Economi...

PNGX, Papua New Guinea’s national stock exchange, has received the Securities Commission’s approval of the new PNGX Debt Market Rules. The new PNGX Debt Market Rules allow a company to issue corporate bonds and have those bonds listed on PNGX where they can be traded. Corporate bonds are a type of debt security issued by a company. The company may b...

Photo credit: IRC Prime Minister Hon. James Marape today announced a record K9.7 billion tax revenue collection by the Internal Revenue Commission (IRC). He made the announcement as he prepares to travel to London for the funeral service of Queen Elizabeth II and as Papua New Guinea prepares to celebrate its 47th Independence anniversary on Friday, ...

The Central Bank has been encouraged to take action and resolve the problem of the country's businesses having a backlog of foreign exchange, according to Prime Minister James Marape. “We’ve reached a K11 billion threshold as far as Forex is concerned. We work to ensure we bring in additional liquidity into the market and so Mr. Popoitai (Central Bank ...

For many of the country's main importers, the problem of lack of foreign exchange availability continues to pose a danger to supply security in the nation. According to Hulala Tokome, Country General Manager and Director of Puma Energy, they are hopeful that a strong framework in terms of government policies would be in place to address these concerns ...

By the end of December 2021, the total public (government) debt still due was K48.1 billion, or 51.6% of the nation's GDP. The present outstanding debt is made up of K25.2 billion from local sources and K22.9 billion from external sources, according to the acting governor of the Bank of PNG Benny Popoitai. Total government deposits at depository fir...

Papua New Guinea’s financial sector accounts for K2.3 billion of its economy in 2022, Treasurer Ian Ling-Stuckey says. Ling-Stuckey said a healthy and modern financial sector was vital for development. “This is a larger contribution than the size of the manufacturing sector (K1.705 billion), or even our transport and storage systems (K2.05 billion),” h...

Photo credit: PNGX PNGX Markets - Papua New Guinea’s national stock exchange, XBourse Australia - a leading technology services company specialising in building innovative bespoke solutions for financial markets, and Pacific Capital Markets Development - an Australian company committed to the development of capital markets in the Pacific region, have r...

Papua New Guineans stand to benefit from a modernization of the nation’s capital market that’s expected to boost investment, accelerate economic growth and help support a sustainable economic recovery. Under an agreement announced today, IFC, a member of the World Bank Group, will work with PNGX Markets Limited, the national stock exchange of Papua New...

Quarter one of 2022 Foreign Exchange (FX) market inflow momentum is expected to continue into the half-year, assisted by firmer commodity prices, end of half-year dividend flows and foreign aid, according to BSP Group General Manager – Treasury, Rohan George. “As FX inflows can be lumpy, we expect there to be periods where outstanding FX orders build u...

PNGX announces that the United Nations Sustainable Stock Exchange initiative has welcomed PNGX Markets, the Papua New Guinea National Stock Exchange, as a new member. PNGX has solidified its commitment to transparency and sustainability by becoming a partner exchange of the UN SSE initiative. The newest partner joins a network of now 114 stock exchange...

The new Additional Company Tax introduced following the March 2022 sitting of Parliament, will ultimately increase uncertainty and reduce investor confidence in PNG, says BSP Group CEO Robin Fleming. “Consequently, the Tax may well result in a further reduction in Foreign Direct Investment (FDI) at a time when PNG needs increased FDI,” Mr. Fleming said...

Treasurer Ian Ling-Stuckey claims that budget repair enabled the government to reach its income and finance objectives while also keeping spending under control in last year's budget. In presenting the Final Budget Outcome (FBO) for 2021, Ling-Stuckey said that the budget deficit was preserved at K6.3 billion, down from the K6.6 billion predicted and t...