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DIRECT TAXES - Taxation of Companies (click on heading below then click again) Liability of resident companies What is a resident company Determination of income Company tax rates Payment of tax Payment of dividend withholding tax Tax Credits Tax Credits (a) Foreign tax credit Papua New Guinea allows a unilateral credit for foreign taxes paid on foreign source income equal to either the actual foreign tax paid or the Papua New Guinea tax liability on that income, whichever is the lesser. Where Papua New Guinea has a Double Tax Agreement with another country, credit for foreign tax is allowed under the terms of the Agreement. (b) Credit for dividend withholding tax Dividend income is included in total taxable income but companies are allowed a credit equivalent to the tax liability on that dividend. View and Print Taxation of Companies (Tax of Co.PDF 6KB)

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