Extractive documents to be launched

Deputy Prime Minister and Treasurer Charles Abel will launch two PNG Extractive Industries Transparency Initiative (PNGEITI) reports on Wednesday.
The reports cover the fiscal years 2015 and 2016 and encompass large scale mining, oil and gas projects that were in production.
PNGEITI secretariat head Lucas Alkan said the documents listed nine reporting entities from mining and seven entities from oil and gas sectors that made material payments to the Government in 2015 and 2016.
It also lists seven State-owned enterprises and eight relevant Government departments that received the payments in the same years.
Alkan said the revenue streams covered in the reports were mining and petroleum tax (corporate income tax), group tax (tax withheld on employee salaries), royalties, equity distributions, production levy, dividends and development levy.
“Apart from reconciliation of these revenues and payment figures, the reports also provide detailed contextual information on the extractive sector,” he said.