The Papua New Guinea Internal Revenue Commission (IRC) launched the Small Business Tax (SBT) regime for individuals on 4 June 2021. Provisions for the SBT regime were first introduced in 2019 and subsequently revised with additional provisions as part of the Income Tax (2021 Budget) (Amendment) Act 2020.
Under the SBT regime, qualifying sole trader businesses are subject to SBT with different rates and timing depending on whether they are categorized as a micro or small business:
- a busines…