The country’s total income for the 2014 budget including grants is 12.7 billion kina; 2.2 billion kina higher than the 2013 revised estimates of 10.5 million kina.
Estimated total expenditure stands at 15 billion kina for the year 2014. This is 1.8 billion kina higher than the 2013 estimates. Treasurer Don Polye presented the 2014 budget in parliament straight after the lock up. He said the higher 2014 revenue estimate was partly due to higher tax receipts and partly due to the sale of landowner share of the PNG LNG project. Tax Revenue is estimated at K9.7 billion next year with no new taxes added. Treasurer Polye said non tax receipts were estimated at K1.3 billion in 2014. The nation is also expected to receive K287 million in property incomes. These include the Bank of PNG, IPBC, NFA, and other. Interest and fees from lending is expected to generate 4 million kina while injections from trust accounts will account for 36 million kina. In terms of expenditure, Education and Health sectors received the bigger chunks of the budget. Agriculture and Small Business was also prioritises. They received 777.9 million kina of which 302 million kina will be set aside for the Agriculture and Small to Medium Enterprise Package. Government departments with major funding in this sector include the department of trade and industry receiving K140 million and the National Development Bank receiving K85 million kina. Polye said the government will provide K281.8 million in the 2014 budget to develop Port Moresby into a commercial hub of the country, K437 million to develop Lae into the industrial base of PNG, 61.4 million kina to develop Mt Hagen into the agriculture centre of PNG and K58 million to develop Kokopo into a tourism hotspot for PNG. EMTV Comments are closed.
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