Govt to meet CEOs over levy

THE Government is meeting heads of organisations affected by the recently passed market concentration levy to discusses their concerns.
Treasurer Ian Ling-Stuckey says they included the chief executive officers of the BSP Financial Group Limited (BSP), Digicel PNG, Nambawan Super Ltd and the National Superannuation Fund Ltd (Nasfund).
Ling-Stuckey said they were offered the opportunity to raise their concerns and issues raised publicly prior to the passing of the new tax in Parliament.
“Concerns and criticisms centred around the lack of consultation and erosion of shareholder value with the new tax,” he said.
“So that is the starting point of the consultations.”
Ling-Stuckey said the treasury department would circulate a proposed scheduled of meeting dates where the industry leaders would present their cases verified by accurate and audited data.
The new market concentration tax has been passed into law to be effective Jan 1.
The first of three instalments is not due until April 30, 2022.
He explained that any amendments including the announcement by Prime Minister James Marape on the deferral of the new tax would be considered during the March session of Parliament.
“The omission of the new tax would represent 1.76 per cent of revenue for 2022 and the Government would have the opportunity during the mid-year economic and fiscal outlook review to seek alternative revenue sources.”