1.    PACIFIC ECONOMIC MONITOR – PNG MACROECONOMIC ANALYSIS

 

Our thanks to Dominic Mellor , Country Economist , for Asian Development Bank for following .  

 

 

The December 2010 edition of the tri-annual ADB Pacific Economic Monitor was just launched.

The PNG macroeconomic and budget analysis is contained on pages 17-19 (attached).

Also included is a special article contributed by Standard & Poor’s on the credit quality of pacific sovereigns on pages 29-31.

The full report may be downloaded at http://www.adb.org/Documents/Reports/PacMonitor/pem-dec10.pdf

 

2.    BUDGET CHANGES TO TAXABLE VALUES FOR HOUSING IN 2011

 

We thank  our colleagues at PriceWaterhouse Coopers   for this advice  on 2011 payroll .

As you may be aware, following the announcement in the 2011 National Budget, the prescribed taxable values for housing provided to employees will increase from 1 January 2011.  

 

At the same time the thresholds for what constitutes "high", "medium" and "low" cost housing will change as well.  

Importantly, many employees will have a higher tax liability each fortnight as a result of the changes, and therefore will receive a lower after tax net pay.

The changes mean that all employers providing housing benefits to employees, which includes the case where rent is paid on behalf of an employee, will need to address the following matters before running the first payroll in 2011:

1.    Analyse every housing benefit to determine whether it is high, medium or low value based on the new thresholds

2.    Ensure that payroll software and other calculations are updated to take account of the new prescribed values

3.    Communicate with employees so they understand the changes and impact on their net pay

Also attached is a summary of the new values and thresholds.

 

3.    PORT MORESBY CHAMBER WEBSITE GOES LIVE TODAY !

 

It has been a long time coming but finally our website  is back up  and can be accessed at  www.pomcci.com

 

At this stage you will need to input the URL and find it that way rather than using Google , but this will come through as the new site is registered .  Any thoughts or comments you have are most welcome.

 

The site is not yet complete and will be enhanced  with additional pages in early 2011 .

 

If you are staying in PNG for Xmas , the “PNG Getaway” section may interest – only listing at present is an offer to Chamber members at Rapopo Plantation Resort  in Rabaul  , but in Alotau  Tawali  Resort and  Driftwood also offer a 20 % discount to members .  If you are travelling in Queensland , remember we also have Chamber deals available in Cairns at the Rydges Hotels , Paradise Palms Golf Resort , Shangrila Hotel and Holiday Inn . Further south  you can get a Chamber discount at IHG properties  , the Holiday Inn and Crowne Plaza  in Brisbane , Surfers Paradise and Pelican Waters on the Sunshine Coast .

 

 

 

4.    MEMBERSHIP FEES FOR 2011

 

The accounts section  has started sending out  the invoices for the 2011 fees .

 

Membership fees are dues by the end of January 2011 , and a small penalty applies for late payment .

 

If you have not received your invoice  or you have a query , please speak with  our accounts ladies , Sine  or Lynn , on accounts@pomcci.org.pg 

 

Your prompt payment  , and  consideration of the BACA Levy invoice would be greatly appreciated .

 

POMCCI SECRETARIAT