Additional income of individuals

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No limit 42 The rates are the same as for residents. But non-residents do not have the basic exemption limit of PGK 7, Salary or Wages Most individuals earn salary or wage income. Salary or wages received by an employee have tax withheld on a fortnightly basis by the employer.

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Your employer is to calculate the salary or wages tax due to be deducted from your fortnightly salary or wages. The tax deducted from fortnightly salary and wages is final tax and no refund is payable even if only one fortnight was worked during the year.

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Because the tax is final tax, salary and wage earners who do not have other income e. A declaration may be lodged with only one employer at a time.

If an employee has more than one employer at any time he should lodge a Declaration with his main employer. The Salary or Wages Tax Declaration form must be completed in full by the employee and signed by him before being accepted by the employer.

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In making deductions from salary or wages paid, the employer should not give effect to a Declaration before the end of the first pay period commencing after the furnishing of that Declaration. Under no circumstances can a new Declaration be used to recalculate tax for fortnights that have already passed. Where the Declaration is furnished by the employee on the first day of employment with the employer, the employer must give effect to that Declaration on the date of the first payment of salary of wages to the employee.

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A new Salary or Wages Tax Declaration must be furnished by an employee to his principal employer when: he commences employment with that employer; he begins to maintain a dependant who was not included on his previous Declaration; or he ceases to maintain a dependant who was included on his previous Declaration. Claims for dependants must only be taken into account when all the details concerning that dependant have been filled out.

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A person is not considered a dependant of an employee if, that dependant is, at the date of lodgment of the Declaration, in receipt of a separate net income at or exceeding K Exempt income Exempt income is additional income of individuals which is not subject to income tax in Papua New Guinea. Exempt income includes such things as education allowances, scholarships and bursaries, certain Papua New Guinea sourced dividends and income from activities where the law specifically exempts the income from tax.

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Exempt Income, for Salary or Wages Tax purposes, includes the additional income of individuals School fees paid, on behalf of the employee, by the employer, direct to an educational institution, being an elementary, primary or secondary institution, for the education of a student child of the employee. Annual Leave Fares paid by the employer to an employee and his family to the place of origin or recruitment. Employee Allowances and Benefits. Allowances provided to employees are liable for taxation.

  • Income Tax – Taxation of Individuals – Internal Revenue Commission
  • Updated May 14, What Is Income?

However, certain benefits are exempted from taxation or taxed at less than their full value.