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 of the budget for 2022.Following consultations, it has been decided to replace the levy on the banking sector with an increased company (corporate) tax rate. From 1 January 2023, the rate of company tax payable by all commercial banks...