According to recent reports, the National Parliament of Papua New Guinea passed the Income Tax (2022 Budget)(Amendment) Bill 2021 and other amendment legislation for the 2022 Budget on 30 November 2021. One of the key measures provides for the introduction of a new Market Concentration Levy (or Dominant Industry Player Levy), which is levied on financial institutions and licensed telecommunication companies that hold 40% market share in their respective sectors. For financial institutions, the levy is equal to PGK 190 million per year commencing from 2022, and for telecommunication companies, the levy is equal to PGK 95 million per year....