PNG Banks bemoan new sector tax
Two major commercial banks in Papua New Guinea have spoken out against a new 45 percent tax on the banking sector imposed in the 2023 Budget.
BSP Financial Group Ltd chief executive, Robin Fleming, said while the banking sector has been seen to be profitable in recent years, the sector has absorbed many costs in delivering banking services across PNG.
The Post-Courier reports him saying that PNG banks will now be subject to one of the highest tax rates in the world.
Fleming said shareholders, including key PNG companies such as Kumul Consolidated Holdings, Nambawan Super, Nasfund, Teachers Savings and Loans, Credit Corporation and Petroleum Resources Kutubu will earn less from their investments.
He said it would serve as a disincentive for potential new entrants into the sector.
Kina Bank chief executive, Greg Pawson, says the banks have strongly opposed any increase in corporate tax and are disappointed in the lack of consultation by Treasurer.
He said the unintended consequences of such a move will be detrimental for the banking sector in PNG, which is already structurally imbalanced.
Typhoid outbreak recorded in Fiji
The Fiji Health Ministry has reported an outbreak of typhoid in the Raranibulubulu community in Vanua Levu and sporadic cases in Navosa.
The Ministry says measures taken so far, including outreach deployment of medical teams, have controlled any escalation in case numbers.
FBC News reports the Ministry has also recorded an increase in cases of leptospirosis and dengue.
However, the Ministry states the admission levels and the mortality rate among admitted cases remain low, despite reported case numbers remaining near or slightly above the outbreak level this year.
The Ministry says it is focusing on geographical areas of concern for the purpose of mobilizing extra capability to help manage communicable disease outbreaks and also escalate preventative measures.
Typhoid Photo: 123.rf
Dozens of new covid cases in Fiji
In Fiji, 76 new cases of covid-19 and seven re-infections have been recorded by the Ministry of Health.
These cases were recorded by the Ministry since the previous update on November 24 to December 1.
Of the 76 cases recorded, 42 cases were recorded in the Central Division; 33 cases in the Western Division; 1 case in the Northern Division and no cases in the Eastern Division.
Covid numbers still climbing in Tuvalu
Covid-19 cases in Tuvalu continue to climb, with 67 new cases in the latest reporting period to November 30, local time.
In a statement, the Department of Health reports 2779 cases have been recorded since November 3.
One person is in hospital.