Papua New Guinea's Department of Treasury has published the taxation bills for 2021. The bills provide measures for the 2021 Budget, which was delivered by the Minister of Treasury on 17 November 2020. As provided in the explanatory memorandum, the Income Tax (2021 Budget) (Amendment) Bill 2020 include proposed amendments to:
- Clarify the intent of past changes in the allowed loss carry forward period to 7 years as follows:
- the tax loss carry forward period is reduced to 7 years for all taxp…