PM: Govt will not burden businesses

The National PNG – PRIME Minister Peter O’Neill says the Government will not increase the burden on the business community in the country.
He told the Australia-PNG Business Forum and Trade Expo in Brisbane yesterday that there had been no major changes in the way we are doing business in PNG, particularly in terms of fiscal policy, in the past 16 years.

“There have been suggestions that we should increase GST and we increase company tax rates,” he said.

“But our response to these requests has been measured and calculated, and that is that we will not increase the burden on the business community.
“As a result, you will see from time to time, when we present our budgets, there has not been much increase whatsoever, apart from minor adjustments that we have had to make in budget formulation.

“The fundamentals of our economy are sound. Despite this, our critics love to be negative and talk about issues such as debt.
“They treat debt like a dirty word, and naively suggest the Government should not carry debt.

“As any business owner knows, carefully managed debt is a tool to facilitate growth and development in any business and in any country.”
O’Neill said the forum was an opportunity that allows governments and businesses to engage with each other from both countries. And with PNG hosting Apec this year, to explore opportunities.

“We have a strong relationship with the Australian government and Australian businesses, and Australia remains our largest investor,” he said.
“That is why opportunities like this are welcome, particularly for governments to discuss the challenges we face in doing business between our two countries.”

Posted in: Papua New Guinea

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