No cut in taxes: Ling-Stuckey
By GYNNIE KERO
Treasurer Ian Ling-Stuckey says the Government has no intention of cutting or reducing the personal income tax.
He told Parliament that K11 billion was collected from income tax which contributed to Government’s total revenue of K14.3 billion.
“On an income tax holiday, we know that the government revenue of K14.3 billion, some K11 billion of that is collected by the IRC (Internal Revenue Commission),” Ling-Stuckey said.
“To cut personal income tax is something that is going to affect our revenue position and something that we would look at very closely and reduce as a very last resort. At this point in time, there is no intention by the Government or Treasury to touch that particular base.
“But what we are working on is to look at other avenues to assist struggling businesses.”
Ling-Stuckey was responding to questions from Ijivitari MP Richard Masere on the K5.6 billion economic stimulus package.
Masere said the Covid-19 had affected the business community and people and asked the Government about the measures it negotiated with commercial banks and the two superfunds.
He said commercial banks were expected to reduce loan repayment rates to 1 per cent for customers.
“Why isn’t the banks passing on the 2 per cent rate? Masere said.
“Is there any agreement in place where the commercial banks will allow people who owe money to the banks to be given holidays?
“Meaning they will not repay loans over certain a period of time and whether that loan will be written off by the commercial banks?”
Ling- Stuckey said he has yet to receive a report on what commercial banks were doing.
9 comments
We are able to give tax concessions to multi-nationals who rape and pillage our resources and leave us the bare bones.
Yet we remain deaf and dumb to the minority working class who support the rest of society through our inter-woven Melanesian culture.
We need a rethink on this. One of the most heavily taxed workforce on earth needs some concessions!
SO with all of the mining and oil and gas and forestry and agriculture and various other businesses that operate in the country, Government is happy to live with 5-10% Tax from these Business Entities, because it know that at the end of the day, Gov’t will easily go back and Squeeze every juice and last penny out of it’s citizens’ hard earned income in the 30-35% Tax that we all pay fortnightly – how lame and poor is this????
We’ve got more natural resources appart from human resource for an island country as small as our size, and we can not find better ways of raising income for the country apart from Income tax as main source if income for the government.
Mr Ian you can not say that while Papua New Guinea is blessed with more resources like gold, copper, oil and many more and yet you are depending on human resources, why can’t you make use of the country’s resources instead of using your own country people’s income tax.
We the people of Papau New Guinea are not government’s main resources.
The Rich getting richer and the poor average and low income earners with family responsibilities being ripped off by the government by paying income tax at a non reasonable rate.. So much for “TAKE BACK PNG!”.. We the average to low income earners are the ones suffering.
Banks like BSP killing us on their personal loan repayment 36% and they are reaping the real people of this country so is there a policy for all the banks to come up with one type of charges please. if no standard fees across the board of all commercial banks. Can the Government should check all commercial banks whether they are charging people of PNG the right fees or not like IRC is checking the shop owners.
Mr Minister Ian could you please urgently help the people of PNG in checking all the commercial banks. Some of them are reaping us off.
All successive governments have turned blind eyes to reduce personal income tax. Government can still generate revenue from other resources. Income tax in PNG is just too high and the poor working class is just working for his/her master.
So the PNG government depend again on the people to run the country from their sweat and hard work and even when we die and to be buried.
Your money when you are dead will also be taxed!
Quite sad to be honest. Its about time the government looked at other ways of raising internal revenue that dont involve taxing our working class heavily.
Personal Income Tax 39% or 42% I am not really sure, its just too much.
PNG is so rich. Minister for Treasury please have mercy on us.
Your are robbing us big time. please at lease reduce…..
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