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Papua New Guinea Sessional Legislation |
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.
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.".
Section 8 of the Principal Act is repealed.
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%."
Schedule 1 of the Principal Act is amended by repealing the Table and replacing it with the following:-
Column 1 Parts of Taxable Income | Column 2 Percentage |
The part of the taxable income that:-
does not exceed K5,500.00 exceeds K5,500.00 but does not exceed K16,000.00 exceeds K16,000.00 but does not exceed K70,000.00 exceeds K70,000.00 but does not exceed K95,000.00 exceeds K95,000.00 | 0 25 35 40 47 | ". |
Schedule 1A of the Principal Act is amended by repealing the Table and replacing it with the following:-
Column 1 Parts of Taxable Income | Column 2 Percentage |
The part of the taxable income that:-
does not exceed K16,000.00 25 exceeds K16,000.00 but does not exceed K70,000.00 35 exceeds K70,000.00 but does not exceed K95,000.00 40 exceeds K95,000.00 | 25 35 40 47 | ". |
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.
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.
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URL: http://www.paclii.org/pg/legis/num_act/itdtaitrp2001a2000874