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By Staff Reporter : PNG Today

O'Neill Gov't expects to collects billions of kina from state agencies

The Papua New Guinea Government expects to collect up to K2 billion from the statutory transfers from state agencies by the year end.

The mid-year economic and fiscal outlook (MYEFO) report released by Deputy Prime Minister and Treasurer Charles Abel last Friday stated that the forecast of K1.949 billion from agencies have not yet materialised.

Agencies and statutory bodies have been affected in a number of corrective measures including the passing of the Public Money Management Regularisation Act that will see revenue from National Fisheries Authority, National Gaming and Control Board, Kumul Consolidated Holdings Limited, Mineral Resource Authority, National Maritime and Safety Authority and Conservation and Environment Protection Authority going back to consolidated revenue at Waigani in a 90-10 per cent split.

Mr Abel said as part of the Alotau 2 Accord and the 100-day plan, the O’Neill-Abel Government instituted the first ever medium-term revenue strategy (MTRS) 2018-2022 which set out clear plans and targets focusing on and increasing the revenue base.

“We increased the resourcing of revenue agencies, focused on compliance measures and re-balance our fiscal regime so that eligible tax payers would pay their fair share of tax,” Mr Abel said.

He said although the earthquake did force some shut down on resource projects for six-seven weeks, the production has since doubled in output and with favorable world commodity price hike, petroleum taxes will be much higher in 2018.

Mr Abel said other legacy issues have also affected the domestic economy and will take time to resolve.

“But we are certain that continuing to implement our MTRS compliance strategies such as accelerating the establishment of a large tax office in the IRC, implementing other tax measures that are yet to be operationalised, encouraging further improvements in the business environment from the global rebound, ramping up of APEC visitors and the sweeping funds held by statutory authorities back into Consolidated Revenue Fund (CRF) through the PMMR in the second half of the year will enable us to exceed our revenue targets.”

Posted by Staff Reporter : PNG Today on Monday, August 06, 2018. Filed under , . You can follow any responses to this entry through the RSS 2.0. Share this Article

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