Understanding corporate income tax and other business taxes in Papua New Guinea is essential for companies operating within the country. Alongside corporate income tax, businesses should be aware of other taxes, such as GST, withholding tax, import duties, employment taxes, and sector-specific taxes for mining and petroleum operations. It is advisable to consult with a tax professional or refer to the official website of the Papua New Guinea Internal Revenue Commission for the most accurate and up-to-date information. By fulfilling their tax obligations, businesses can operate in compliance with Papua New Guinean tax laws and contribute to the growth and development of the country's economy while benefiting from its diverse business opportunities.
Papua New Guinea imposes corporate income tax on the profits earned by companies operating within its jurisdiction. The corporate income tax rate in Papua New Guinea is a progressive rate structure with two tiers. As of the knowledge cutoff date in September 2021, the tax rates are as follows:
For comprehensive and up-to-date information on business taxes in Papua New Guinea, it is recommended to visit the official website of the Papua New Guinea Internal Revenue Commission.
Papua New Guinea Internal Revenue Commission Website: Official Papua New Guinea Internal Revenue Commission Website