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IMF provides advice on tax policy reform in PNG

Staff Reporter 9/17/2017 | |
In response to a request from the Government of PNG, a technical assistance mission from the International Monetary Fund [IMF] Fiscal Affairs Department visited PNG recently to advise on tax policy reform.

The mission provided an input for the formulation of a revenue stabilisation framework as part of the Governments Medium Term Fiscal Strategy.

In closing out the mission, the review team presented their report, to the Deputy Prime Minister and Treasurer the Charles Abel.

“This report shall inform and contribute to the 100 Day plan to kick start the Alotau Accord 2, and provides several suggested measures for the 2018 Budget which we will now consider. This work supports the development of informed and balanced Medium Term Revenue and Debt Strategies which will underpin our Medium Term Fiscal Strategy (point 2 of our 25 -plan).

Increasing confidence and managing our economy upwards requires simplifying and modernizing our tax system (point 8 of our 25-point plan), this report adds value to work on achieving this. It also highlights possible areas for technical assistance and capacity building”, said the Deputy Prime Minister.

Team leader, Thomas Baunsgaard said the IMF was both supportive and pleased with the 25-point plan. “It was very positive to see the Government taking the bold, yet necessary steps to ensure sound macroeconomic and fiscal management, noting that it was both possible and important to make use of hard times to make sound structural improvements”, he said.

The Deputy Prime Minister and Treasurer noted the comprehensive consultative process for compiling this report and thanked both the members of the technical assistance mission, State Agencies (Treasury, IRC, National Planning, Department of Minerals and Geohazrds, Mineral Resources Authority, Department of Petroleum and Energy, National Research Institute, Kumul Minerals) and a number of PNG private sector associations and tax professionals.



SOURCE: POST COURIER/PACNEWS

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