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Income Tax (Amendment) Act 2022 - No. 18 of 2022

PAPUA NEW GUINEA

Income Tax (Amendment) Act 2022

No. 18 of 2022
Certified on: 16 MAY 2022

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 4).
2. Exemption of certain interest income (Amendment of Section 35).
3. New Section 35B.

"35B. INCOME TAX EXEMPTION OF A MANUS SPECIAL ECONOMIC REGION COMPANY.".

AN ACT

entitled

Income Tax (Amendment) Act 2022,

Being an Act to amend the Income Tax Act 1959,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with, the advice of the Minister.

1. INTERPRETATION (AMENDMENT OF SECTION 4).

Section 4 of the Principal Act is amended by inserting immediately after the term "Management fee" the following new definition:

""Manus Special Region Company" has the same meaning given to it in the Manus Special Economic Region Act 2022;".

2. EXEMPTION OF CERTAIN INTEREST INCOME (AMENDMENT OF SECTION 35).

Section 35 of the Principal Act is amended in Subsection (2) by inserting immediately after Paragraph (g) the following new paragraph:

"(h) interest derived by a lender on money lent to a Manus Special Economic Region Company to the extent that the certificate held by the company under Manus Special Economic Region Act 2022 specifies that such interest is to be exempted.".

3. NEW SECTION 35B.

The Principal Act is amended by inserting immediately after Section 35A the following new section:

"35B. INCOME TAX EXEMPTION OF A MANUS SPECIAL ECONOMIC REGION COMPANY.
The income of a Manus Special Economic Region Company is exempt from income tax.".

I hereby certify that the above is a fair print of the Income Tax (Amendment) Act 2022, which has been made by the National Parliament.

Clerk of the National Parliament.
16 MAY 2022

I hereby certify that the Income Tax (Amendment) Act 2022, was made by the National Parliament on 21 April 2022.

Speaker of the National Parliament.
16 MAY 2022