It is a requirement under the Investment Promotion Act that foreigners wishing to conduct business in Papua New Guinea must be granted a Certificate to carry out business activities in PNG.
It is crucial to note that the certification of foreign enterprises by the IPA does not relieve a company from meeting the requirements of other agencies nor does it override their approvals.
The definition of foreign enterprise and intentions of the certification process is provided in the overall summary of the Investment Promotion Act.
Capital Gains Tax
There is no general capital gains tax in Papua New Guinea. The Specific Gains Tax on sales of shares was repealed on 16 November 1993.
In Papua New Guinea only 3% of land is owned by the State. Land taxes are imposed by a number of provincial governments on State land at fairly nominal levels.
Stamp Duty is levied on all deeds, share transfers and a wide range of other documents at varying rates.
Business people looking into the investment potential of Papua New Guinea can obtain information about the rules and regulations of doing business in Papua New Guinea, the best persons to contact about their investment interests and any other assistance that may be required.