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Informative Article | Accounting | Papua New Guinea | Volume 7 Issue 7, July 2018 | Popularity: 6.3 / 10
Fortnight Salary Tax in Papua New Guinea
Sivanathan Sivaruban
Abstract: This published paper is based on the contextual knowledge on the fortnight salary and wages tax system in Papua New Guinea. The paper outlines salary and wages definition, salary and wages tax system, and other provisions such as long service payment with new tax table rate, lump sum payment, leaves payment, superannuation, salary packaging and annual leave fares. The proposed recommendations on the fortnight salary tax in PNG are based on the knowledge and experience by the writer, who has been working in PNG for the last 10 years. The current fortnight salary tax system is not really supportive well with the work forces of Papua New Guinea. The fortnight salary system in Papua New Guinea is the progressive rate so the marginal utility for the salary increment will decrease and current marginal rate of tax on the salary and wages are 42 % and its very high for the developing nation.
Keywords: salary, wages, fortnight salary, wage tax, long service payment, superannuation, salary packaging
Edition: Volume 7 Issue 7, July 2018
Pages: 12 - 14
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