Thursday, May 18, 2017

K160m banknotes hijacked in Indonesia and make its way back to Papua New Guinea.

In the next installment of a James Bond-like, high-seas theft, the Bank of Papua New Guinea has warned that K160 million in paper banknotes, which it had designated to be destroyed, has been hijacked and some has found its way back to the country from Indonesia. 

So far, of the total amount, only K1 million has been recouped. The notes, in denominations of K2, K5, K10, K20, K50 and K100, were sold to a recycling company in Europe in 2013. They were loaded into a container for shipment to Europe but the container was stolen.

Its believed high officials from Papua New Guinea been involved in this money theft. And the money is believed to be used in running campaigns in 2017 general elections 

Monday, May 1, 2017

An Insight Into Papua New Guinea National Budget

By Mathias V Lasia

"You NOT Voting for PNC candidates is a ticket for O'Neill, Marape and Dairi Vele to finally make it to BOMANA when a new Government is formed*"
PNG has recently made the headlines across the globe for being in a financial debt crisis and struggling to pay its debts and expenses.
It is no secret the O'Neill Government has had cash-flow crisis and only managing to keep its head above water. 

What little tax income it earns each month is being used to ensure public servants are paid every fortnight and any difference is directed to propping up its free education policy and partly pay for its inflated contracts.

Meanwhile Peter O'Neill claims the country's financial crisis has been caused by dramatic fall in world commodity prices placing a strain on economies around the world.

So is Peter O'Neill telling the truth? Short answer is No.

The PNG Government funds its operations, development projects and services its debt obligations through the collection of taxes and overseas grants (donor funding). Tax collection or revenue is categorized into three main parts.
1) Tax on Income and Profits (company, wages tax etc)
2) Tax from Goods & Services (GST etc)
3) Tax from International Trade (import & export taxes).

Included in tax on income and profits is Mining & Petroleum tax which relates to taxes imposed on mining and petroleum companies who earn large profits from the sale of natural resources; gold, silver, copper, oil and gas etc to overseas markets.