PNG 2025 National Budget press lock-up held in the State Function Room at Parliament House. 30 November 2024 Photo: Facebook / Papua New Guinea Parliament
In its latest Budget the Papua New Guinea government is introducing exemptions on consumption tax on a number of basic items.
EMTV reports Treasurer Ian Ling-Stuckey, who announced the K28 billion Budget themed 'Securing PNG in 2025 and Beyond', said this will reduce costs for families.
Household goods such as rice, tea, coffee, tinned fish, tinned meat, flour, chicken, and noodles, along with diapers, and sanitary pads, will no longer carrying goods and services (GST) charges.
Ian Ling-Stuckey announcing the K28 billion budget. Photo: Facebook / Papua New Guinea Parliament
"This Budget marks a turning point. A real focus on building the security necessary, for creating the future our children deserve, Ling-Stuckey said in his Budget speech.
"This Budget provides the framework, for starting to make life better, for our people in the next 50 years."
University of PNG economist Andrew Anton-Mako was calling for such a move back in October, saying that PNG could learn a lot from Fiji in how to reduce the burden on low income families.
The Budget has also increased income taxes for high income earners. People earning more than 70,000 kina (around NZ$29,000) will now pay 40 percent tax on earnings above that amount.
