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Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Budget Provisions 2001) Act 2000

PAPUA NEW GUINEA

Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Budget Provisions 2001) Act 2000.

No. 47 of 2000.
Certified on: 02.02 2001

AN ACT

entitled

Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Budget Provisions 2001) Act 2000,

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 2001.

1. INTERPRETATION (AMENDMENT OF SECTION 1).

Section 1 of the Principal Act is amended by inserting a new definition of "new petroleum project" as follows:-

"new petroleum project" means a petroleum project which did not, prior to 31 December 2000, derive any assessable income from petroleum operations.".

2. REPEAL OF SECTION 8.

Section 8 of the Principal Act is repealed.

3. RATE OF DIVIDEND (WITHHOLDING) TAX (AMENDMENT OF SECTION 10).

Section 10 of the Principal Act is amended-

(a) in Paragraph (a), by repealing the words 'other than OK Tedi Mining Limited" and replacing them with the following:-

• "other than by a company carrying out mining operations"; and

(b) by repealing Paragraph (d) and replacing it with the following:-

• "(d) dividends paid by a company carrying out mining operations is 10%."

4. AMENDMENT OF SCHEDULE 1.

Schedule 1 of the Principal Act is amended by repealing the Table and replacing it with the following:-

The part of the taxable income that:-

5. AMENDMENT OF SCHEDULE 1A.

Schedule 1A of the Principal Act is amended by repealing the Table and replacing it with the following:-

The part of the taxable income that:-

6. AMENDMENT OF SCHEDULE 4.

Schedule 4 of the Principal Act is amended-

(a) in Schedule 4.4—

• (i) by repealing Paragraph (a) and replacing it with the following:-
  • (a) petroleum operations attributable to a new petroleum project is 45% of the taxable;"

(ii) by repealing Paragraphs (c) and (d) and replacing them with the following Paragraph:-

• "(c) mining operations is 30% of the taxable income."; and

(b) by repealing Schedule 4.7.

7. REPEAL OF SCHEDULE 5.

Schedule 5 of the Principal Act is repealed.

I hereby certify that the above is a fair print of the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Budget Provisions 2001) Act 2000 which has been made by the National Parliament.

Acting Clerk of the National Parliament.

I hereby certify that the Income Tax, Dividend (Withholding) Tax and Interest (Withholding) Tax Rates (Budget Provisions 2001) Act 2000 was made by the National Parliament on 7 December 2000.

Acting Speaker of the National Parliament.