Papua New Guinea Tax Tables 2024 - Tax Rates and Thresholds in Papua New Guinea

This page contains the tax table information used for the calculation of tax and payroll deductions in Papua New Guinea in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ PG, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Papua New Guinea or would like to add to or suggest amendments to the information herein then please contact us.

Papua New Guinea Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Papua New Guinea are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Papua New Guinea Tax Calculator 2024.

In Papua New Guinea, contributions made by employees to superannuation funds are considered deductible for the purpose of calculating taxable income. This means that these contributions can reduce the amount of an employee's income that is subject to income tax, thereby potentially lowering their overall tax liability. This provision encourages participation in retirement savings schemes by offering a tax benefit to employees who contribute to their superannuation funds.

Papua New Guinea Social Security and Payroll Deduction Rates in 2024

In Papua New Guinea (PNG), the social security system is relatively nascent, with primary provisions focusing on superannuation (retirement savings) and worker's compensation. Contributions to these schemes are made by both employers and employees, aiming to provide financial security and support in the event of workplace injuries or retirement. Understanding these contributions is essential for ensuring compliance and optimizing the benefits available to workers and employers alike.

Superannuation Contributions

Superannuation is the cornerstone of PNG's social security system, designed to provide retirement benefits to employees. Both employers and employees are required to contribute a percentage of the employees' wages to a registered superannuation fund. These funds are then invested, with the aim of growing the retirement savings of the workforce. Upon reaching retirement age or under specific circumstances, employees can access their superannuation funds, which provide a source of income in their later years.

Worker's Compensation

Worker's compensation in PNG is mandated by law, requiring employers to provide coverage for their employees against workplace injuries and diseases. This insurance scheme covers medical expenses, rehabilitation costs, and provides compensation for lost income due to work-related injuries or illnesses. The goal is to ensure that employees are supported financially in case of health issues arising from their employment.

Health and Medical Contributions

While not a mandatory payroll deduction, some employers in PNG offer health and medical insurance as part of their employment packages. These voluntary contributions fund private health insurance plans, providing employees with access to a broader range of healthcare services beyond the public healthcare system. This benefit enhances the overall welfare of employees, contributing to a healthier, more productive workforce.

Additional Voluntary Contributions

Employees in PNG may also opt for additional voluntary contributions to their superannuation fund or other savings and investment schemes. These contributions are aimed at increasing the individual's savings and financial security, supporting goals such as homeownership, education, and improved living standards in retirement.

The social security and payroll deduction landscape in Papua New Guinea is focused on ensuring the financial well-being of employees through retirement savings and protection against workplace hazards. Employers play a crucial role in facilitating these contributions, which are integral to the social and economic support system for the workforce. As the country continues to develop, there may be opportunities for the expansion and enhancement of social security benefits to address a broader range of social welfare needs.

Papua New Guinea VAT Rates in 2024

VAT rates for Papua New Guinea are reviewed annually, you can use the VAT Calculator to calculate VAT due in Papua New Guinea or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Papua New Guinea

The following tax tables are supported by iCalculator™ PG as part of the suite of free tax tools we provide for Papua New Guinea.