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Papua New Guinea
Overview
Last reviewed - 16 June 2025Papua New Guinea (PNG) lies on the eastern half of the island of New Guinea, located between the Coral Sea and the South Pacific Ocean among the islands of Oceania. In 1975 the country celebrated its 50th anniversary of independence from Australia. Papua New Guinea's capital city is Port Moresby, and its official languages are English, Tok Pisin, and Hiri Motu. The currency in Papua New Guinea is the Papua New Guinea kina (PGK).
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for a significant proportion of the population. The most valuable export commodities are mineral deposits, including copper, gold, and oil, as well as agricultural commodities such as palm oil.
Most extractive resource projects have been developed under dedicated agreements with the state. The country is an LNG exporter and hosts a number of significant mining operations..
The government made a successful entry into global debt markets with the launch of the country's first sovereign bond completed in 2018. More recently, the government has relied more heavily on more concessional financing from multi-lateral and support from aid partners. However, numerous challenges still face the government, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency in state institutions, responding to the need to improve levels of public health and education, and balancing relations with Australia, its former colonial ruler, and other regional powers.
PwC Papua New Guinea
PwC Papua New Guinea offers a wide range of assurance services, advisory services, and tax services and is one of the largest professional services firms in Papua New Guinea and operates from an office in Port Moresby.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
Resident: 30; Non-resident: 30 |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
Company returns due within 6 months of year end, other returns within 3 months of year end. All returns under tax agent program within 9 months of year end. |
| CIT final payment due date |
Within 30 days of the date of service of the notice of assessment. |
| CIT estimated payment due dates |
Three equal instalments by 90, 120, and 150 days of the commencement of an income year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
42 |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
30 June |
| PIT final payment due date |
Where an individual is served with a notice of assessment to income tax, any tax payable is due within 30 days of the date of service of the notice. |
| PIT estimated payment due dates |
30 September of the year of income. |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
Goods and services tax: 10 |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 0 / 15 / 0; Non-resident: 15 / 15 / 10 (non-associate recipient) or 30 (associate recipient) |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
15% - but limited taxable assets |
| Headline individual capital gains tax rate (%) |
15% - but limited taxable assets |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
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