Tax
Income Tax Act 1959 with GST at 10% and resource project regimes
Income tax under a much-amended Income Tax Act 1959 administered by the Internal Revenue Commission, GST at 10%, and separate fiscal regimes for mining and petroleum projects.
Key rules
- Deadline — Income tax returns are generally due by 30 June following the 31 December year end
- Deadline — GST returns are filed monthly
Governing law
- Income Tax Act 1959 (s. 4)
- Goods and Services Tax Act 2003
- Oil and Gas Act 1998
- Mining Act 1992
In practice
Residents are taxed on worldwide income; residence for individuals turns largely on domicile and presence. The salary and wages tax is collected at source and is the main interaction most employees have with the system. The features that distinguish PNG are project-specific: mining and petroleum operations are taxed under dedicated regimes with their own rates, ring-fencing of losses per project, and additional profits tax mechanics, often stabilised in a project agreement. Anyone advising on a resource project should read the project agreement alongside the Act, because the agreement may lock in fiscal terms that differ from the general law.