Kina Securities (ASX:KSL) said the proposed reduction in the corporate tax rate for commercial banks in Papua New Guinea will not impact its full-year 2024 profit outcomes, according to a Monday filing with the Australian bourse.

Papua New Guinea's national budget included a proposed reduction in the corporate tax rate to 40% from 45% starting Jan.1, 2025, with further lowering to 35% from Jan.1, 2026, for commercial banks with annual earnings of 300 million Papua New Guinea kina, the filing said.

For banks earning more than PGK 300 million the tax rate is proposed to decrease to 44% from 45% in 2025, and a further 1% reduction each financial year until the rate reaches 35%.

The financial services firm's shares rose past 1% in recent Monday trade.