Dede Sophie

 The members of Papua New Guinea Defence Force  have taken control of the  streets of  Port Moresby  after citywide election related uprising and violence that started yesterday. PNG Soldiers patrol streets of Port Moresby [Photo by PNG Defence Force] The military moved into the city to support  the Papua New Guinea Police to bring normalcy back to the city.  The vote Counting venues were deserted except for security personnel and few scrutineers. The roads in the city were also deserted. PNG Soldiers patrol streets of Port Moresby [Photo by PNG Defence Force] Meanwhile  Prime Minister,  James Marape has been in Port Moresby since early today (July 25 2022) from Wewak to attend to yesterday’s unfortunate election-related events in Port Moresby and others around the country. The National Security Advisory Committee (NSAC) is meeting at 3pm today to discuss not only the Port Moresby issue, but other issues that have disrupted the electoral process right across the country. PM Marape will...

The recent announcement by the Papua New Guinea (PNG) government to increase corporate tax for commercial banks to 45% has drawn criticism from the country’s financial sector. Ronesh Dayal, the acting CEO of Bank South Pacific (BSP), warned that the tax increase would penalize growth in the financial sector. Dayal explained that the tax rate only applies to commercial banks, while all other companies in the country will still maintain a 30% tax rate. He urged the government to promote a stable taxation and regulatory regime to encourage investment in the country by local and international companies. Kina Bank’s CEO, Greg Pawson, echoed Dayal’s sentiments, stating that the tax increase was disappointing, as it targets a sector of the market that is critical for supporting PNG’s economic growth aspirations. Pawson expressed concern that the tax increase would impact the ability of challenger brands in PNG to continue an aggressive and inclusive growth agenda. He al...

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