Income tax on rent, worked example, in Papua New Guinea
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Notes
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 3.36 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 |
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TAXABLE INCOME, PGK (US$) | ||
Up to 20,000 (US$ 5,952) | 22% | |
20,000 - 33,000 (US$ 9,821) | 30% | |
33,000 - 70,000 (US$ 20,833) | 35% | |
70,000 - 250,000 (US$ 74,405) | 40% | |
Over 250,000 (US$ 74,405 ) | 42% | |
Source: Global Property Guide |