Top Tax Mistakes Papua New Guinea SMEs Make (And How to Avoid Them in 2025)
Why Tax Compliance Matters More Than Ever in 2025 In Papua New Guinea’s evolving financial landscape, staying tax compliant isn’t just a legal requirement—it’s a survival strategy for small and medium enterprises (SMEs). Yet, thousands of businesses still fall into common tax traps that cost them money, reputation, and sometimes even their ability to operate. Understanding and avoiding these tax mistakes can be the difference between sustainable growth and financial ruin. The Most Common Tax Mistakes SMEs Make 1. Failing to Register for the Right Taxes Many entrepreneurs either delay registering or choose the wrong tax category. Avoid this by: Registering for Goods and Services Tax (GST) if your turnover exceeds the threshold Knowing whether you're liable for Salary or Wages Tax (SWT) or Provisional Tax Consulting tax professionals for proper guidance 2. Mixing Business and Personal Finances It’s a frequent but fatal error. When...