Parliament passes 10 Papua LNG amendment Bills

National

PARLIAMENT yesterday passed the 10 Papua LNG Project Amendment Bills as required in the terms of the project gas agreement.
Petroleum Minister Kerenga Kua, in his address to Parliament, said the Papua LNG Project Amendment bills were required to deliver the Papua LNG Parties concessions.
He said Section 12.1 of the Papua LNG Gas Agreement and its schedule 6 requires that the Parliament passed the 10 Amendment Bills into law.
“This government hopes and expects that in the not too distant future, we can give our sate negotiators a better model to work with than the present oil and Gas Act and related fiscal measure,” Kua said.
The Income Tax (Papua LNG Project) Amendment Bill 2019 amends the definition of gas operations to include the Papua LNG project and the operations.
The second is the Income Tax dividend (withholding) tax and interest (withholding) tax rates (Papua LNG Project) Amendments Bill 2019. The third is the Stamp Duty (Papua LNG Project) Amendment Bill.
The amendment involves any future proposal to restructure the Papua LNG project.
The fourth is the Goods and Services Tax Act 2003.
It was amended to exempt from GST supplies to goods by a Papua LNG project participant to a Papua LNG project company or vice versa.
Fifth is the Exercise Tariff (Papua LNG Project) (Amendments Bill 2019 amends the exercise Tariff Act 1956 which imposed exercise duties on certain goods manufactured in or imported in PNG.
The sixth is the Customs Tariff (Papua LNG Project) (Amendment) bill 2019 which amends the Customs Tariff Act 1990.
Seventh is the Resource Contracts Fiscal Stabiliation Act 2000 provides for the state to enter into agreements to guarantee the fiscal stability of long-term resource projects.
Eighth is the Insurance (Papua LNG Project) Amendments bill 2019.
Ninth is the Prices regulations Papua LNG project (Amendment) Bill 2019.
Section 10 of the prices Regulation Act 1949 permits the minister to declare that specified goods and services are declared goods and services.
The tenth of the Papua LNG project Amendment Bill is the Konebada Petroleum Park Authority (Papua LNG project Amendment Bill 2019).