Papua New Guinea’s 2025 National Budget: Key Tax Changes and Financial Measures

The Papua New Guinean Department of Treasury presented the 2025 National Budget to Parliament on November 29
The budget sets zero-rated VAT on specified food items for one year starting July 1, 2025
It increases the threshold for an extended GST filing period to 1.5 million kinas from 625,000 kinas
The GST refund time limit will be reduced to 4 years from 8 years
The first home exemption threshold is increased to 700,000 kinas
The 22 percent tax bracket for nonresidents is removed and superannuation withdrawals by retirees will be exempt starting January 1, 2025
New nonresident wage tax rates will be applicable from January 1, 2025
The corporate tax rate for commercial banks is set at 40 percent for income below 300 million kinas in 2025 and 35 percent from 2026
The corporate tax rate for commercial bank income of 300 million kinas or more is set at 44 percent in 2025, decreasing annually by 1 percent through 2034

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.