Home | Databases | WorldLII | Search | Feedback Papua New Guinea Sessional Legislation

  Download original PDF

Income Tax and Dividend (Withholding) Tax Rates (Amendment) Act 1998

PAPUA NEW GUINEA

Income Tax and Dividend (Withholding) Tax Rates (Amendment) Act 1998

No. 17 of 1998.
Certified on: 20.05.98

ARRANGEMENT OF SECTIONS.

1 Rates of income payable by a company other than a company in the capacity of a trustee (Amendment of Schedule 4).
2. Repeal and replacement of Schedule 5.

AN ACT

entitled

Income Tax and Dividend (Withholding) Tax Rates (Amendment) Act 1998,

Being an Act to amend the Income Tax and Dividend (Withholding) Tax Rates Act (Chapter 111),

MADE by the National Parliament to be deemed to have come into operation on 1 January 1998.

1. RATES OF INCOME PAYABLE BY A COMPANY OTHER THAN A COMPANY IN THE CAPACITY OF A TRUSTEE (AMENDMENT OF SCHEDULE 4).

Schedule 4 of the Principal Act is amended by repealing Schedule 4.4 and replacing it with the following:-

"Sch 4.4 - Mining, Petroleum and Gas Income.
The rate of tax in respect of assessable income from -

• (a) petroleum operations attributable to a frontier area project is 35 % of the assessable income; and
• (b) petroleum operations from other than those in Paragraph (a) above is 50% of the assessable income; and
• (c) mining operations under or in a special mining lease or mining project is 35% of the taxable income; and
• (d) mining operations from other than special mining lease or mining projects is 25% of the taxable income; and
• (e) gas operations is 30% of the taxable incomes.".

2. REPEAL AND REPLACEMENT OF SCHEDULE 5.

Schedule 5 of the Principal Act is repealed and replaced with the following:-

" SCHEDULE 5.
"RATES OF ADDITIONAL PROFITS TAX ON PETROLEUM AND INCOME.
In respect of an amount of additional profits from -

• (a) petroleum operations attributable to a frontier area project on which a company is liable, under Section 164V of the Act, is 35% of that amount; and
• (b) petroleum operations other than those in Paragraph (a) above on which a company is liable, under Section 164X of the Act, is 50% of that amount; and
• (c) gas operations on which a company is liable under Section 165X of the Act, is 30% of that amount.".
  

I hereby certify that the above is a fair print of the Income Tax and Dividend (Withholding) Tax Rates (Amendment) Act 1998 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Income Tax and Dividend (Withholding) Tax Rates (Amendment) Act 1998 was made by the National Parliament on 17 March 1998.

Speaker of the National Parliament.