Income tax on rent, worked example, in Papua New Guinea
May 17, 2016
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1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 3.00 PGK
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4 Rental income earned by nonresident individuals is taxed at progressive rates.
INCOME TAX FOR NON-RESIDENTS
|TAXABLE INCOME, PGK (US$)|
|Up to 18,000 (US$6,000)||22%|
|18,000 - 33,000 (US$11,000)||30%|
|33,000 - 70,000 (US$23,000)||35%|
|70,000 - 250,000 (US$83,333)||40%|
|Over 250,000 (US$83,333)||42%|
|Source: Global Property Guide|