Papua New Guinea is in the process of significant changes following recent amendments to the tax code, which include new rules for the taxation of extractive industries, while proposed reforms include the introduction of a capital gains tax and the rewriting of the Income Tax Act. The 2020 budget is focused mainly on reforming the revenue administration system. It also includes a limited...
Successive governments have identified tourism as a promising avenue for Papua New Guinea to diversify its economy away from a reliance on extractive industries. PNG’s biodiversity and rich cultural traditions offer a range of tourism opportunities that stand to be unlocked by improved infrastructure and effective marketing strategies. Prior to the Covid-19 pandemic, the country seemed poised...
The laying of two subsea fibre-optic cables – one international and one domestic – are among the recent and promising ICT developments in Papua New Guinea. There is optimism that these will help expand access and reduce costs in rural areas, which are home to over 80% of the country’s 8.6m-strong population. To keep pace with these developments, moves have been made to enhance data protection...
Agriculture is a central pillar of Papua New Guinea’s economy. In 2019 it made up 25% of GDP and contributed to the livelihood of 85% of the population. PNG’s commitment to place agriculture at centre stage and promote the socio-economic development of smallholder farmers bodes well for the future. Currently, the sector remains dependent on export revenues from key crops such as palm oil,...
With the Covid-19 pandemic set to significantly slow economic growth worldwide in 2020, Papua New Guinea’s industrial sector can expect some headwinds; however, growth is forecast to return in 2021. The authorities hope the industrial sector can benefit from the rebound and help to improve national self-sufficiency in areas such as food production, while boosting export revenues in the process...
The government has demonstrated notable early enthusiasm to boost the ease and transparency of land ownership processes, which should stimulate activity in the construction sector. Recent years have seen the industry hindered by vulnerability to foreign currency shortages, limited availability of land for development, a lack of transparency and insufficient human capital. Ongoing efforts to...
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