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Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Amendment) Act 2017

PAPUA NEW GUINEA

Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Amendment) Act 2017.

No. 3 of 2017.

Certified on: 13 APR 2017

ARRANGEMENT OF SECTIONS.

1. Rate of Tax Payable by Foreign Contractors (Amendment of Section 6A).
2. Rate of Dividend (Withholding) Tax (Amendment of Section 10).
3. Rates of Income Tax Payable by a Company other than a Company in the Capacity of a Trustee (Amendment of Schedule 4).

No. of 2017.

AN ACT

entitled

Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Amendment) Act 2017.

Being an Act to amend the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates Act 1984,

MADE by the National Parliament and deemed to come into operation on 1 January 2017.

1. RATE OF TAX PAYABLE BY FOREIGN CONTRACTORS (AMENDMENT OF SECTION 6A).
Section 6A of the Principal Act is amended by repealing the words "of the taxable income".

2. RATE OF DIVIDEND (WITHHOLDING) TAX (AMENDMENT OF SECTION 10).
Section 10 of the Principal Act is amended by repealing and replacing it with the following:

"The rate of dividend (withholding) tax payable in respect of dividends (other than unit trust dividends) paid by a resident company is 15 percent.".

3. MINING, PETROLEUM AND GAS INCOME.
Schedule 4 of the Principal Act is amended in Schedule 4.4 by repealing Subsection (1) and replacing it with the following new subsection:

"(1) The rate of tax in respect of income from mining, petroleum and gas operations is 30 percent of the taxable income, which is applicable to the 2017 year of income and each subsequent year of income.".

I hereby certify that the above is a fair print of the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Amendment) Act 2017 which has been made by the National Parliament.

Acting Clerk the National Parliament.

13 APR 2017

I hereby certify that the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Amendment) Act 2017 was made by the National Parliament on 3 February 2017.

Speaker of the National Parliament.

13 APR 2017