PNG PM James Marape Reassures Bank South Pacific of Government's Commitment to Review Tax
Papua New Guinea's Prime Minister and Treasurer, James Marape, has engaged with Bank South Pacific (BSP) leadership, including Chief Executive Officer Mark Robinson and Chief Financial Officer Ronesh Dayal, offering reassurances regarding the government's commitment to reviewing taxes imposed on the bank.
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| PNG PM James Marape Reassures Bank South Pacific of Government's Commitment to Review Tax [PM's Media Photo] |
Acknowledging BSP's concerns over the impact of the K190 million Additional Company Tax (ACT) on its 2022 profits and the recent surge in PNG's commercial bank tax rate from 30% to 45% in 2023, Prime Minister Marape expressed his dedication to addressing these issues.
"I am looking at the BSP tax issue," affirmed Prime Minister Marape during the meeting. "I am having a holistic review of the entire tax structure and tax policies. Over the next three to four months, I will dive deep into how taxes have been imposed so that we come up with a fairer taxation regime."
The Prime Minister emphasized his belief that taxes should be equitable to avoid hindering reinvestment and growth, pledging to find a delicate balance on the BSP tax matter. This commitment underlines the government's broader intention to establish a fair and balanced taxation regime that fosters economic growth and sustainability.
The comprehensive review of the tax structure, as outlined by Prime Minister Marape, reflects the government's proactive stance on creating an environment conducive to economic development and financial stability in Papua New Guinea.
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