Agreed. I was simply doing the math on the percentage reduction...

Agreed. I was simply doing the math on the percentage reduction in nett profit after tax due to the tax increase: 15/70x100

As this is proposed to be levied only on banks, depending on wording of the legislation and corporate structure of KSL, the tax increase might not be applied to earnings from non-banking activities. It might not be retrospective either, so not apply to all of FY 2023.

Personally I think the PNG government would be best advised to just put up corporate tax across the board by 1 or 2 percent, preferably in the form of temporary tax surcharge. Targeting only the banks as they are, will lead to distortions that will damage the economy for years to come. I'm sure that economic advisors are pointing this out to them, so hopefully good sense will prevail.