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Income Tax (Papua LNG Project Thin Capitalisation) (Amendment) Act 2020

PAPUA NEW GUINEA

INCOME TAX (PAPUA LNG PROJECT THIN CAPITALISATION) (AMENDMENT) ACT 2020

No. 25 of 2020
Certified on: 17 Nov 2020

ARRANGEMENT OF SECTIONS.

1 Restriction on interest deduction (Amendment of Section 155H).

An Act

entitled

Income Tax (Papua LNG Project Thin Capitalisation) (Amendment) Act 2020,

Being an Act to amend the Income Tax Act 1959,

MADE by the National Parliament and deemed to come into operation on 1 January 2020.

1. RESTRICTION ON INTEREST DEDUCTION (AMENDMENT OF SECTION 155H).

Section 155H of the Principal Act is amended in Subsection (3)(a) by:-

(a) inserting after the words "exceeds 200% of equity", the words "or, where the resource project is the Papua LNG Project, 300% of equity,"; and

I hereby certify that the above is a fair print of the Income Tax (Papua LNG Project Thin Capitalisation) (Amendment) Act 2020 which has been made by the National Parliament.

Clerk of the National Parliament.
17 NOV 2020

I hereby certify that the Income Tax (Papua LNG Project Thin Capitalisation) (Amendment) Act 2020, was made by the National Parliament on 11 November 2020.

Speaker of the National Parliament.
17 NOV 2020