Papua New Guinea Budget for 2020 Delivered

On 28 November 2018, Papua New Guinea's Minister for Treasury delivered the National Budget for 2020 in parliament. Some of the main tax-related measures of the budget taxation bills include:

• The introduction of a small business tax regime that includes a 2% flat tax on turnover on a quarterly basis for small businesses with annual turnover below PGK 250,000, excluding professional services businesses (flat tax of PGK 400 annually if below PGK 50,000);
• A change in the 3:1 debt-equity ratio f…