Papua New Guinea Budget for 2017 Includes Standardized Tax Rate Changes and Introduction of CbC Reporting

On 1 November 2016, the Papua New Guinea Treasurer Patrick Pruaitch delivered the 2017 National Budget to parliament. The Budget includes a number of tax-related measures, including:

• The standardization of the corporate income tax rate at 30% across all sectors;
• The standardization of the dividend withholding tax rate at 15% across all sectors;
• The removal of the 15% interest withholding tax exemption for foreign lenders lending to resource companies;
• The introduction of a flat 15% foreign c…