Sir Nagora: PNG has untapped potential

Business, Normal

The National, Thursday October 29th, 2015

 PAPUA New Guinea has a small manufacturing and tourism base shackled by expensive airfares and a negative perception of the law and order situation, according to  Tax Review Committee chairman Sir Nagora Bogan.

Sir Nagora said the country had a fisheries base which had untapped potential.

“We have 30 per cent of the world’s tuna but yet collect pittance in licence fees,” he said.

He said the country also had a forestry sector which was exploited with less regard for the environment.

Sir Nagora said the country could not continue to operate the way it had been in the past 40 years.

“Scrutiny of the political economy of taxation is complex,” he said. 

“Our economy has expanded so fast and becoming more complex.

“But the most risky feature is that our economy is too dependent on the non- renewable extractive sector.

“The last comprehensive taxation review was done in 2000 – and this (final) review presents an opportune time for the Government to take stock of the country’s fiscal position and how it can position itself to mitigate PNG’s socio economic development challenges that lie ahead.”