Small to Medium Enterprise in Papua New Guinea will now will have to pay an annual fee of K400 if they turn over or make K50,000 each year.
This was revealed through a newspaper article in the The National dated 22 September here. In the newspaper article, the Commissioner-general Sam Koim said the commission was preparing to implement the new tax regime.
“We have a new tax regime (which has) already been introduced in Parliament,” he said. “We are putting all the systems and processes in place to roll it out.
“It is the small business tax regime that will capture people below a K50,000 turnover so they don’t need to file a lot of things, pay a lot of time but pay a K400 turnover tax once in a year.
“It’s a small subscription tax or annual subscription so those are the things that we would like to roll it out to bring the untaxed into the tax regime so that everyone participate in sharing the burden of developing this country.”