K611 million Govt relief

THE Government allocated about K611 million in relief assistance to help consumers deal with the rise in prices created by the Russia-Ukraine conflict, says Prime Minister James Marape.
He told a back to business breakfast yesterday in Port Moresby that K250 million was to remove fuel taxes from May 1 to Oct 30, K135 million was to lift the tax-free threshold from K12,500 to K17,500, K100 million was to reduce the prices of basic items and K126 million for other relief.
“We are proposing in the supplementary budget a further K83.3 million in fuel tax relief, a further increase in tax-free threshold to K20,000 which will cost K60 million, and K34 million to fund the school project reimbursement programme,” he said.
“These are a relief to both the private sector and government employees.
“The net effect is that we are putting back money into their pockets to spend on consumer goods.”
He thanked investors and businesses who continued to provide services and employment opportunities to PNG citizens.
“We will continue to do our best to build your confidence in the business environment so that you can sustain and grow your businesses,” he said.
He reiterated the Government’s focus on implementing Micro, Small and Medium Enterprises (MSMEs) to help people become productive and self-sustaining.
“The number of MSMEs continues to expand and business and investors have a role to assist this sector grow through provision of credit and business literacy skills,” he said.
He added that the Government would “unlock” customary land for commercial purposes.