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Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (2004 Budget Provisions Amendment) Act 2003

INDEPENDENT STATE OF PAPUA NEW GUINEA.


INCOME TAX, DIVIDEND (WITHHOLDING) TAX AND INTEREST (WITHHOLDING) TAX RATES (2004 BUDGET PROVISIONS AMENDMENT) ACT 2003.

No. 31 of 2003.

Certified on: 13.04.04


ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 1).
2. Rates of income Tax in relation to trust estates (Amendment of Schedule 3).
3. Rates of income tax payable by a company other than a company in the capacity of a trustee (Amendment of Schedule 4).


AN ACT

entitled

Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (2004 Budget Provisions Amendment) Act 2003,

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

MADE by the National Parliament to come into operation on 1 January 2004.

1. INTERPRETATION (AMENDMENT OF SECTION 1).

Section 1 of the Principal Act is amended by inserting, in alphabetical order, the following new definition:-

""incentive rate primary production income" means income from primary production derived by a company from a new primary production development project that is -

2. RATES OF INCOME TAX IN RELATION TO TRUST ESTATES (AMENDMENT OF SCHEDULE 3).

Schedule 3.1 of the Principal Act is amended by repealing the figure "28%" and replacing it with the following:-

"30%".

3. RATES OF INCOME TAX. 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 —

(a) in Schedule 4.1, by repealing the words and brackets "(other than petroleum, mining or gas companies)" (twice occurring) and replacing them with the following:-
(b) in Schedule 4.3, by repealing the date and figure "1 January 1993, 25%" and replacing them with the following:-
(c) by repealing Schedules 4.5 and 4.6; and
(d) by inserting the following new Schedules:-

I hereby certify that the above is a fair print of the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (2004 Budget Provisions Amendment) Act 2003 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (2004 Budget Provisions Amendment) Act 2003 was made by the National Parliament on 2 December 2003.

Acting Speaker of the National Parliament.


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