Tax facts and f igures 2018 - PwC
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Tax facts and figures 2018 Papua New Guinea
Port Moresby
PO Box 484 PwC Haus, Level 6 Harbour City, Konedobu Ph: (675) 321 1500 Fax: (675) 321 1428
Lae
PO Box 451 BSP Lae Commercial Centre, Level 1 Markham Road Ph: (675) 472 2644
Website
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Contents
1 Liability to income tax
1
Residence
1
Gross income
1
Exempt income
1
Allowable deductions
1
2 Taxation of individuals
4
Financial period
4
Personal income tax rates 2018
4
Assessable income
4
Exempt income
4
Advances of leave or superannuation
5
Principal allowable deductions
5
Dependant rebates
5
Education expenses rebate
6
Private expenditure
6
Salary or wages tax
6
Fringe benefits
7
Social security payments
9
Superannuation
9
Retirement savings accounts
9
Redundancy scheme
9
Provisional tax
10
Responsibility for paying salary or wages tax
10
3 Taxation of companies
13
Financial period
13
Company tax rates
13
Calculation of taxable income
13
Exempt income
14
Losses
14
Overseas losses
14
Absence of grouping provisions
14
Company amalgamations
14
Dividend payments and deemed dividends
15
Dividend rebate
15
Provisional tax
15
4 Mining, petroleum and gas operations
19
Income tax rates ? Mining companies
19
Income tax rates ? Petroleum companies
19
Income tax rates ? Gas companies
19
Gas companies versus petroleum companies
19
Advance payment tax
20
Additional profits tax
20
Notional tax
20
Deductions for mining, petroleum and gas
operations
20
5 Taxation of other entities
24
Partnerships
24
Joint ventures
24
Trusts
24
Unit trusts
24
Property unit trusts
25
Landowner resources trusts
25
Superannuation funds
25
6 Manufacturing industry incentives
28
Accelerated depreciation for manufacturers
28
Double deduction for export market development
costs
28
Export incentives for manufacturers
28
Wages subsidy for manufacturers
29
7 Agriculture, fishing and tourism
33
Accelerated depreciation
33
Primary production
33
Investment in primary production
33
Investment in tourism
34
Double deduction for export market development
costs
34
8 Infrastructure credits
37
Prescribed infrastructure development credits
37
Bank community service obligations
37
9 Regional incentives
40
Rural development incentive
40
10 Other incentives
43
Solar heating
43
Exemption of certain interest income
43
11 Special deductions and restrictions
46
Entertainment
46
Management fees
46
Exchange gains and losses
46
Gifts and charitable donations
47
Preliminary expenditure in connection with assets
47
Profits on leased assets
47
Interest and thin capitalisation rules
47
Timber operations
47
Environmental protection and clean-up costs
47
12 Compliance reporting system
51
13 Tax compliance ? key dates
54
14 Payments to non-residents
57
Dividends
57
Interest
57
Royalties
57
Management fees
57
Foreign contractors
58
Leases to non-resident associates
58
Non-resident insurers
58
Overseas shipping
58
Tax clearance and foreign exchange procedures
59
Transfer pricing
59
15 Double tax treaties
62
Foreign contractor withholding tax
62
Management fee withholding tax
62
16 Goods and services tax
66
Rate of GST
66
Registration
66
Output GST (GST on sales)
66
Input GST (GST on purchases)
67
Import GST deferral scheme
67
Accounting for GST
67
Agriculture and second-hand goods
68
Goods and services tax ? Director liability
68
17 Other taxes
72
Interest withholding tax
72
Customs duties
72
Excise duties
72
Stamp duty
72
Timber export duty
73
Spice levies
73
Gift duty
73
Probate duty
73
Land tax
74
Capital gains tax
74
Gaming machine tax
74
This booklet outlines PNG's taxation laws for the fiscal year ending 31 December 2018 based on laws passed or announced.
The information represents a summary of significant features and should be used as a guide only. Further information or assistance may be obtained from either of the offices of PwC in PNG listed at the back of this publication.
Changes in tax law and practice are advised to clients and others on request through our regular tax updates included in PNG Pulse. If you would like to receive these and other publications of PwC, or would like information on our services to business in PNG, please contact either of our offices.
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