Revenue held in spending account, report says

THE largest sources of government revenue from the extractive industries in 2018 included corporate income tax, salary and wage tax, dividends and royalties, according to a recent report.
The PNG Extractive Industries Transparency Initiative 2018 Report noted that most of this revenue went into consolidated government revenue.
In recent years, an effort was made to make the process more strategic and rules-based so that it was directed towards achieving sound fiscal policy.
Some revenue from the extractive industries was earmarked for specific purposes, such as the public investment programme.
According to the report, the PNG Sovereign Wealth Fund was established in 2015 to ensure that some of the wealth generated by the industries were saved for the future.