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Income Tax (Salary or Wages Tax) (Rates) (2024 Budget) (Amendment) Act 2023

PAPUA NEW GUINEA


Income Tax (Salary or Wages Tax) (Rates) (2024 Budget) (Amendment) Act 2023


No. 25 of 2023
Certified on: 16 JAN 2024


ARRANGEMENT OF SECTION.

Amendment of Schedule 1.


AN ACT

entitled

Income Tax (Salary or Wages Tax) (Rates) (2024 Budget) (Amendment) Act 2023,

Being an Act to amend the Income Tax (Salary or Wages Tax) (Rates) Act 1979,

MADE by the National Parliament to come into operation on 1 January 2024.

AMENDMENT OF SCHEDULE 1.

Schedule 1 of the Principal Act is amended by inserting immediately after Part 6, the following new Part:

"PART 7.
SALARY AND WAGES WITHHOLDING TAX RATES APPLICABLE FROM 1 JANUARY 2024 ONWARDS.
TABLE 1. - Resident Salary and Wages Tax Rates for the period 1 January 2024 and onwards.
Column 1.
Parts of Taxable Income
Column 2. Percentage
The part of the taxable income that:
Does not exceed K20,000.00
exceeds K20,001.00 but does not exceed K33,000.00
exceeds K33,001.00 but does not exceed K70,000.00
exceeds K70,001.00 but does not exceed K250,000.00
exceeds K250,001.00.
0
30
35
40
42
TABLE 2. - Non-Resident Salary and Wages Tax Rates for the period 1 January 2024 and onwards.
Column 1.
Parts of Taxable Income
Column 2.
Percentage
The part of the taxable income that:
Does not exceed K20,000.00
exceeds K20,001.00 but does not exceed K33,000.00
exceeds K33,001.00 but does not exceed K70,000.00
exceeds K70,001.00 but does not exceed K250,000.00
exceeds K250,001.00.
22
30
35
40
42

"


I hereby certify that the above is a fair print of the Income Tax (Salary or Wages Tax) (Rates) (2024 Budget) (Amendment) Act 2023 which has been made by the National Parliament.

Clerk of the National Parliament
16 JAN 2024


I hereby certify that the Income Tax (Salary or Wages Tax) (Rates) (2024 Budget) (Amendment) Act 2023 was made by the National Parliament on 1 December 2023.

Acting Speaker of the National Parliament.
16 JAN 2024

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