PNG globally attractive for resource projects: Abel

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PAPUA New Guinea is one of the most attractive physical regimes for resources projects globally and it must remain competitive, Deputy Prime Minister and Treasurer Charles Abel says.
Abel told the Petroleum and Energy Summit yesterday the country and the people must benefit more from the use of the resources.
“We have worked hard to establish a fair and stable policy,” he said.
“We’ve been open about our ambitions, a fair take for the government, provinces and landowners earlier, less risky revenue flows and improved government financing including commercial carry into the projects, domestic market obligations and third-party access to infrastructure and improved national content.
“Our private sector partners share these principles although we may have some different views on exactly how they are implemented. I am committed to working with the private sector to resolve any differences in the best way we can.”
Abel said the Government introduced the transitional provisions in the 2018 budget to ensure existing projects were fairly treated in the application of additional profits tax.
“We also corrected the Income Tax Act to restore the dividend rebate and ensure profits are only taxed once, as they pass from company to company,” he said.