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Wednesday, 27 October 1971
Page: 2652

Mr Lionel Bowen (KINGSFORD-SMITH, NEW SOUTH WALES) asked the Minister for External Territories, upon notice:

(1)   How many (a) resident and (b) non resident companies in Papua New Guinea have taxable incomes in excess of $100,000.

(2)   Which of these companies hold freehold land in the Territory, where is the land located, and what is the area of each holding.

(3)   Who are the Directors of each of the companies.

Mr Barnes - The answer to the honourable member's question is as follows:

The matter referred to is one which falls within the authority of the Assistant Ministerial Member for the Treasury in the House of Assembly for Papua New Guinea. The Administrator on the advice of the Assistant Ministerial Member for the Treasury has provided the following information:

(1)   The latest available income statistics published by the Bureau of Statistics for the year ended 30th. June 1969 show that 73 companies derived taxable incomes in excess of $100,000 in that year. Of these 63 (86 per cent) are classified as residents of Papua New Guinea while 10 are classified as non-residents.

(2)   and (3) The information to answer these questions is not available because the identification of the names of the Companies would involve the disclosure of confidential tax data.

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