JMP Securities | Please find attached PNG National Budget 2023 – Impact on BSP and KSL

6 December, 2022

Dear All,

Please find attached JMP Securities – PNG National Budget 2023 – Impact on BSP and KSL

The 2023 budget included an amendment to the company tax rate applicable to PNG Commercial Banks licensed under the Banks and Financial Institutions Act, with the company tax rate for all banks increasing from 30% to 45% of taxable income, effective
1 January 2023.

Please find attached JMP Securities analysis demonstrating the impact of this increased tax on commercial banks in PNG.