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Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005

PAPUA NEW GUINEA

GOODS AND SERVICES TAX REVENUE DISTRIBUTION (2006 BUDGET PROVISIONS AMENDMENT) ACT 2005

No. 14 of 2005.

Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005.

Certified on: 23. 12. 05

Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005.

ARRANGEMENT OF SECTION.

Value of Distributions to Provincial Governments (Amendment of Section 7).

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No. of 2005.

AN ACT

entitled

Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005,

Being an Act to amend the Goods and Services Tax Revenue Distribution Act 2003,

MADE by the National Parliament to come into operation on 1 January 2006.

VALUE OF DISTRIBUTIONS TO PROVINCIAL GOVERNMENTS (AMENDMENT OF SECTION 7).

Section 7 of the Principal Act is amended by repealing Subsection (2) and replacing it with the following new subsections:–

"(2) Each provincial government shall be entitled to receive, for the fiscal year commencing 1 January 2006 and for each following fiscal year —

(a) 60% of the net GST collections estimated by the Minister, immediately prior to presenting the National Budget for the next fiscal year, to be collected in the province during that next fiscal year commencing 1 January; and

(b) where the amount payable to the provincial government under Paragraph (a) is less than the 2003 distribution for that provincial government - such further amount as is required to bring the total amount of payment up to the amount of the 2003 distribution for that provincial government."

"(2A) For the years 2005 and 2006, where the amount payable to the provincial government under Subsection (2) is less than the distribution the province was entitled to in the immediately preceding year - such further amount as is required to bring the total amount of payment up to the amount of the preceding year's distribution for that provincial government.",

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I hereby certify that the above is a fair print of the Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Goods and Services Tax Revenue Distribution (2006 Budget Provisions Amendment) Act 2005 was made by the National Parliament on 22 November 2005.

Speaker of the National Parliament.