Papua New Guinea: Overview
Oct 01, 2007
Papua New Guinea (pop. 6,315,000; GDP/cap US$641) occupies the eastern half of the island of New Guinea. It is located in the southwestern part of the Pacific Ocean, north of Australia. Linguistically, it is the world's most diverse country, with more than 700 native tongues.In Papua New Guinea, as much as 97 percent of the land area is held under customary tenure, with ownership rights vested in an extended family group. Very little land is registered. Ownership is mainly governed by traditional law. The remaining three percent is owned by the government.
Analysis
of Papua New Guinea Residential Property Market »
Income tax can be high in Papua New Guinea
Rental Income: Rental income earned by nonresident individuals is taxed at progressive rates, from 22% to 42%.
Capital Gains: Capital gains unrelated to business-making activities are not taxed in Papua New Guinea. Otherwise, capital gains are subject to progressive income tax rates, 22% to 42%.
Inheritance: There are no inheritance taxes in Papua New Guinea.
Residents: Residents are taxed on their worldwide income at progressive rates, up to 42%.
Buying costs are low in Papua New Guinea
Buying property costs are low in Papua New Guinea. The buyer pays for the stamp duty, which range from 2% to 5% on the property value.