Nasfund boss hopes govt will revisit taxation law

NASFUND chief executive Ian Tarutia says the fund, along with other Papua New Guinean superfunds, hope the Government will consider reviewing taxation laws in the superannuation industry.
Tarutia said this during the inaugural online employer regional conference yesterday.
“In terms of the bigger picture, working together with our colleagues in the other funds, through our industry body, the association of superannuation funds in PNG, we will work with the Department of Treasury and work on a submission on reviewing the taxation on our industry,” he said via a zoom conference.
“This was put together by expert advisers from Deloitte and the submission is now with Treasury, with a suggestion on taxation imposed on our superannuation and in terms of what is happening today.
“We have not received any feedback, but hopefully the taxation wish-list that we have put forward will be a favourable hearing.
“We are looking at taxation on what we pay as a corporate entity, taxation on the actual contributions, there was talk about introduction of capital gains tax, review of the RSA (retirement savings account), all these where we believe that the taxation is not conducive to our members and certainly to the fund as trustee.
“These have been compiled in the submission and being forwarded to Treasury for further deliberation.”
Meanwhile, Tarutia said the superfund would continue to engage more with the Government.
“We continue to participate in forums and engage to provide factual information on Government decisions with relation to the Covid-19 and the economy and to us as a superannuation fund,” he said.
He reminded nasfund’s 584,679 members that their savings were about retirement, a long time investment that would grow with the effect of compound interest.