SMALL businesses and vendors in the informal sector in East New Britain (ENB) have been urged to register under the Small Business Tax regime.
ENB Deputy Administrator Social Services, Levi Mano told small business owners at the launch of the Small Business Tax in Kokopo last Friday. The event was attended by representatives and stakeholders of IRC.
The Small Business Tax was launched in Port Moresby by the Deputy Prime Minister and Minister for Commerce and Trade Sam Basil and Internal Revenue Commissioner (IRC) Sam Koim.
Mr Mano commended the PNG Internal Revenue Commission for playing a vital role to bring the untaxed into the tax regime so that everyone can participate in sharing the burden of developing the country.
Mr Mano said the launching was timely as the ENB government will soon sign a memorandum of agreement with IRC to signal the way forward in the growth of entrepreneurs in the province.
Acting director New Guinea Islands, Douglas Robin said the new tax regime came into effect on May 21, 2021 and is now ready for implementation.
Mr Robin said small business tax is for small businesses owned by Papua New Guineans that are not wage earners and are not actively involved in the conduct of businesses.
There are two categories for small businesses:
- Micro business- businesses that have an annual sales turnover of K60, 000 per annum;
- Businesses for individuals that earn less than K60, 000 but less than K250, 000.