Treasury Secretary Dairi Vele

PNG recognises blockchain potential

Speaking at the Blockchain Pasifik Conference today, the Treasury Department Secretary says the blockchain technology has the potential to become an important driver in PNG.

Blockchain technology is the backbone of a new type of internet where digital information can be distributed but not copied.

Blockchain was originally devised for the digital currency, Bitcoin, but other potential uses are now being found for this technology.

Vele clarifies housing benefits tax

Secretary Vele says the facts are clear in the budget documents, that the only people affected by changes are those with more than K3,000 per week in accommodation cost.

“The amendment will not affect low-to-medium income accommodation rates,” Secretary Vele explains.

“This means that families in the low-to-medium income tax bracket will have no additional tax liability.

“It cannot be stated firmly enough, that the policy is clear in maintaining the existing level of taxation for tax payers in the low-to-middle cost employer provided housing.