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Papua New Guinea Budget 2023 Includes Increased Tax Rate for Banks and Increased Tax-Free Threshold for Individuals

|Approved Changes|Papua New Guinea
Papua New Guinea

Papua New Guinea's Department of Treasury has published documentation for the National Budget 2023, which was delivered in parliament on 30 November 2022. The key tax-related measure of the budget is the replacement of the new Market Concentration Levy (or Dominant Industry Player Levy) on financial institutions (banking sector) equal to PGK 190 million per year, which was introduced as part o…

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