By DALE LUMA
PRIME Minister James Marape says the Government will review Papua New Guinea’s excise tax regimes especially for cigarettes and alcohol.
He made the remarks when receiving a report titled “Illicit Tobacco in PNG” from the PNG Manufacturers Council on Wednesday.
Council chief executive officer Chey Scovell said PNG was one of the countries with the highest tax excise in the world.
Marape indicated that the Government would look at reviewing the current excise taxes to be fairer to businesses.
“Upon Treasury’s remodeling, the industry will be called upon and we will make known what is our view as we lead up to the budget sitting in November,” he said.
“We will have a review in the excise regimes we have in our country, especially for cigarette and the alcohol businesses.
“Our team from Treasury and Finance will sit with you in the industry to look at the excise regimes so we don’t compromise government revenue but also ensure the industry is prosperous and the benefit is passed onto the customer.
“I hope our economists in Treasury can look at it from this lens to ensure that we keep those businesses going forward.”
The report stated that tobacco products were subject to excise taxes, customs taxes, customs duty and a goods and services tax of 10 per cent.
The Customs Tariff Act (1990) outlines the rates of duty that apply to various imported and exported goods.
By DALE LUMA