Australian mining companies have paid little or no corporate income tax in PNG despite huge profits

The Pacific country’s concessionary tax system leads to ‘undertaxed’ resource sector and ‘no equity’ for people in Papua New Guinea

Australian mining companies have paid little or no corporate income tax in Papua New Guinea despite earning hundreds of millions of dollars from their PNG operations, benefiting from a complex taxation system that experts say leaves the country’s resources sector significantly “undertaxed”.

Guardian analysis of company reports and industry data can reveal that during the past decade Australian mining giants Newcrest and St Barbara, which have huge mines in PNG, have paid no corporate income tax some years, with the companies legally using generous tax rules and accounting practices to minimise their tax burdens.

Continue reading...

from World news | The Guardian https://ift.tt/3csg8WZ